Commonwealth act

Securities Exchanges Fidelity Funds Levy Act 1989

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

113 of 1989

Collection

act

Plain English Summary

2/10 complexity

This Act gives securities exchanges the legal power to charge their members a "fidelity fund" levy so exchanges can build compensation funds to protect investors if a broker fails or misappropriates client money. Exchanges set member contributions subject to government‑set maximums (which can vary by exchange). It creates the legal basis for a financial safety net for investors.

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Current sections

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Securities Exchanges Fidelity Funds Levy Act 1989

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Securities Exchanges Fidelity Funds Levy Act 1989

No. 113 of 1989

An Act to impose a levy on members of certain securities exchanges

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Securities Exchanges Fidelity Funds Levy Act 1989.

Commencement

This Act commences on the same day as Part 7.9 of the Corporations Act 1989.

Incorporation

The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 7.9 of that Act.

Imposition of levy

Any levy by the name of securities exchange fidelity fund levy that is payable under subsection 904 (1) of the Corporations Act 1989 by a member of a securities exchange referred to in that subsection is imposed by this Act.

Amount of levy

The amount of the levy in such amount, not exceeding the prescribed amount, as is determined by the securities exchange concerned.

Regulations

(1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.

(2) The regulations may prescribe different maximum amounts in relation to different securities exchanges.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Securities Exchanges Fidelity Funds Levy Act 1989

Securities Exchanges Fidelity Funds Levy Act 1989

No. 113 of 1989

An Act to impose a levy on members of certain securities exchanges

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Securities Exchanges Fidelity Funds Levy Act 1989.

Commencement

This Act commences on the same day as Part 7.9 of the Corporations Act 1989.

Incorporation

The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 7.9 of that Act.

Imposition of levy

Any levy by the name of securities exchange fidelity fund levy that is payable under subsection 904 (1) of the Corporations Act 1989 by a member of a securities exchange referred to in that subsection is imposed by this Act.

Amount of levy

The amount of the levy in such amount, not exceeding the prescribed amount, as is determined by the securities exchange concerned.

Regulations

(1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.

(2) The regulations may prescribe different maximum amounts in relation to different securities exchanges.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]