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Short title
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This Act may be cited as the Corporations (Compensation Arrangements Levies) Act 2001.
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Commonwealth act
Sets up a statutory levy that funds compensation arrangements for financial markets by giving legal force to levies payable under section 883D of the Corporations Act. Compensation rules determine the levy amount; financial market operators collect the levies and act as agents for the Commonwealth under transitional arrangements, with compliance obligations falling on market participants (s6). The law affects market operators, securities exchanges, futures organisations and the participants who ultimately meet the levy.
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Direct links to the current provisions in Corporations (Compensation Arrangements Levies) Act 2001.
This Act may be cited as the Corporations (Compensation Arrangements Levies) Act 2001.
This Act commences on the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
Subject to this Act, Part 1.2 (Interpretation) of the Corporations Act 2001 applies for the purposes of this Act as if the provisions of this Act were provisions of Division 3 of Part 7.5 of that Act.
Note: Part 1.2 of the Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section that apply to Division 3 of Part 7.5 of that Act apply for the purposes of this Act unless this Act otherwise provides.
Any levy that is payable under section 883D of the Corporations Act 2001 is imposed by this Act.
Compensation rules referred to in subsection 883D(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by section 4 of this Act in a particular situation is the amount specified in, or worked out in accordance with the method specified in, the compensation rules.
If, immediately before the commencement of this Act:
(a) an amount of levy was payable to a securities exchange as agent for the Commonwealth under subsection 8(3) or (4) of the Corporations (Securities Exchanges Levies) Act 2001; or
(b) an amount of levy was payable to a futures organisation as agent for the Commonwealth under subsection 6(1) or (2) of the Corporations (Futures Organisations Levies) Act 2001;
then, on the commencement of this Act, that levy becomes payable, by force of this section, to the operator of the financial market that was that securities exchange or futures organisation (as the case may be), as agent for the Commonwealth.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Corporations (Compensation Arrangements Levies) Act 2001.
This Act commences on the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
Subject to this Act, Part 1.2 (Interpretation) of the Corporations Act 2001 applies for the purposes of this Act as if the provisions of this Act were provisions of Division 3 of Part 7.5 of that Act.
Note: Part 1.2 of the Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section that apply to Division 3 of Part 7.5 of that Act apply for the purposes of this Act unless this Act otherwise provides.
Any levy that is payable under section 883D of the Corporations Act 2001 is imposed by this Act.
Compensation rules referred to in subsection 883D(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by section 4 of this Act in a particular situation is the amount specified in, or worked out in accordance with the method specified in, the compensation rules.
If, immediately before the commencement of this Act:
(a) an amount of levy was payable to a securities exchange as agent for the Commonwealth under subsection 8(3) or (4) of the Corporations (Securities Exchanges Levies) Act 2001; or
(b) an amount of levy was payable to a futures organisation as agent for the Commonwealth under subsection 6(1) or (2) of the Corporations (Futures Organisations Levies) Act 2001;
then, on the commencement of this Act, that levy becomes payable, by force of this section, to the operator of the financial market that was that securities exchange or futures organisation (as the case may be), as agent for the Commonwealth.