Securities Industry (Application of Laws) Act 1981

Securities Industry (Application of Laws) Act 1981

This Act may be cited as the Securities Industry (Application of Laws) Act 1981.

This section and section 1 shall commence on the date of assent to this Act.

Except as provided in subsection (1), this Act shall commence on such date as may be fixed by proclamation.

In this Act, unless the contrary intention appears –

Agreement means the agreement made on 22nd December 1978 between the Commonwealth and the States in relation to a proposed scheme for the co-operative regulation of companies and the securities industry or, if that agreement is or has been amended or affected by another agreement, that agreement as so amended or affected;

Commission means the Australian Securities Commission established under the Australian Securities Commission Act 1989 of the Commonwealth;

Commissioner for Corporate Affairs means the Commissioner for Corporate Affairs for Tasmania and includes any Deputy or Assistant Commissioner for Corporate Affairs;

Ministerial Council means the Ministerial Council for Companies and Securities established by the Agreement;

Tasmania means the State of Tasmania and its Dependencies;

the applied provisions means the provisions applying by reason of sections 6 and 7;

the Commonwealth Act means the Securities Industry Act 1980 of the Commonwealth.

In this Act, a reference to a Commonwealth Act shall be construed as including a reference to that Act as amended and in force for the time being and to an Act passed in substitution for that Act.

The Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 applies to the Securities Industry (Tasmania) Code.

Subject to this Act, the provisions of the Commonwealth Act as in force on 31 December 1990, other than sections 1, 2, and 3, apply–

as if amended as set out in Schedule 1; and subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981–

as laws of Tasmania.

Subject to this Act, the provisions of regulations in force on 31 December 1990 under the Commonwealth Act, other than provisions providing for the citation or commencement of the regulations, apply–

as if amended as set out in Schedule 2; and subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981–

as regulations made under the provisions applying by reason of section 6.

There shall be paid to the Commissioner for Corporate Affairs, for and on behalf of the State, for or in respect of – the lodgment of documents with the Commission under the applied provisions; the registration of documents under the applied provisions or the inspection or search of registers kept by, or documents in the custody of, the Commission under the applied provisions; the production by the Commission, pursuant to a subpoena, of any register kept by, or documents in the custody of, the Commission under the applied provisions; the issuing of documents or copies of documents, the granting of licences, consents or approvals or the doing of other acts or things by the Ministerial Council or the Commission under the applied provisions; the making of inquiries of, or applications to, the Ministerial Council or the Commission in relation to matters arising under the applied provisions; and the submission to the Commission of documents for examination by the Commission – such fees (if any) as are prescribed by regulations in force for the time being under the Securities Industry (Fees) Act 1980 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, expressions used have the same respective meanings as in the applied provisions.

Where a fee is payable to the Commissioner for Corporate Affairs, for and on behalf of the State, under subsection (1) for or in respect of the lodgment of a document with the Commission and the document is submitted for lodgment without payment of the fee, the document shall be deemed not to have been lodged until the fee has been paid.

Where a fee is payable to the Commissioner for Corporate Affairs, for and on behalf of the State, under subsection (1) for or in respect of any matter involving the doing of any act or thing by the Ministerial Council or the Commission, the Ministerial Council or the Commission shall not do that act or thing until the fee has been paid.

This section has effect notwithstanding anything contained in the applied provisions.

Nothing in this section prevents the Commissioner for Corporate Affairs, for and on behalf of the State, from – waiving or reducing, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this section; or refunding in whole or in part, in a particular case or classes of cases, fees paid pursuant to this section.

In this section, unless the contrary intention appears, expressions used have the same respective meanings as in the applied provisions.

Where under the Agreement the Ministerial Council approves a proposed amendment of regulations in force for the time being under the Commonwealth Act or the Securities Industry (Fees) Act 1980 of the Commonwealth and, upon the expiration of 6 months after the date on which the Ministerial Council so approved, the amendment has not been made or has been made and is subject to disallowance or has ceased to be in force by disallowance or for any other reason, the Governor may make regulations in accordance with the proposed amendment approved by the Ministerial Council amending the provisions of regulations applying by reason of section 7 or the regulations referred to in section 8, as the case may be.

Regulations made by the Governor under subsection (1) may amend Schedule 2 or 3, as the case may be, and that Schedule as so amended shall be Schedule 2 or 3, as the case may be, to this Act.

In this Act – a reference to provisions of regulations applying by reason of section 7 includes a reference to provisions as so applying as amended in accordance with this section; and a reference to fees prescribed by regulations under the Securities Industry (Fees) Act 1980 of the Commonwealth includes a reference to those regulations as amended in accordance with this section.

The Minister may from time to time authorize the publication by the Government Printer of the provisions of the Commonwealth Act (other than sections 1, 2, and 3), amended as set out in Schedule 1 and in operation, or to come into operation, in Tasmania.

A document published under subsection (1) – shall include the headings and sections set out in Schedule 4; shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Tasmania; shall include a statement of the date on which the Minister authorized the publication; and may be cited as the Securities Industry (Tasmania) Code.

A document that is or purports to be a copy of the Securities Industry (Tasmania) Code that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions of the Commonwealth Act applying by reason of section 6 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with paragraph (b) of subsection (2).

The Minister may from time to time authorize the publication by the Government Printer of the provisions of regulations under the Commonwealth Act, other than provisions providing for the citation or commencement of the regulations, amended as set out in Schedule 2 and in operation, or to come into operation, in Tasmania.

A document published under subsection (1) – shall include the headings and provisions set out in Schedule 5; shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Tasmania; shall include a statement of the date on which the Minister authorized the publication; and may be cited as the Securities Industry (Tasmania) Regulations.

A document that is or purports to be a copy of the Securities Industry (Tasmania) Regulations that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions applying by reason of section 7 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with paragraph (b) of subsection (2).