Futures Industry (Fees) Act 1986

Futures Industry (Fees) Act 1986 — Plain English Summary

This is a short, companion piece of legislation that sits alongside the Futures Industry Act 1986. Its sole purpose is to authorise the Commonwealth government to charge fees for various administrative services provided under that parent Act.

Who does it affect?

Anyone who needs to deal with the Commission (the regulatory body overseeing the futures industry — i.e., financial contracts for the future delivery of commodities or financial instruments) or the Ministerial Council (a council of relevant Commonwealth and State ministers). This includes businesses and individuals who are:

• Lodging documents with the Commission (e.g., registration paperwork)
• Searching or inspecting registers (official records) held by the Commission
• Applying for licences, consents or approvals
• Making inquiries or applications to the Commission or Ministerial Council
• Submitting documents for examination
• Responding to subpoenas (court orders requiring the Commission to produce documents)

What does it actually do?

• Authorises fee-charging: Fees can be charged for any of the above activities, but only if set by regulations (rules made by the Governor-General — Australia's head of state acting on government advice).