Securities Industry (Application of Laws) Act 1981

Securities Industry (Application of Laws) Act 1981

An Act relating to the securities industry in Tasmania

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART I - Preliminary

1.   Short title

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

2.   Commencement

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

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

3.   Interpretation

[Section 3 Amended by No. 68 of 1994, s. 3 and Sched. 1 ]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.

4.   References to Commonwealth Acts

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.

5.   Interpretation of Securities Industry (Tasmania) Code

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

PART II - Application of Laws

6.   Application of Securities Industry Act 1980 of the Commonwealth

[Section 6 Amended by No. 41 of 2001, s. 27, Applied:15 Jul 2001] 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 –

(a) as if amended as set out in Schedule 1 ; and

(b) subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 –

as laws of Tasmania.

7.   Application of regulations under Securities Industry Act 1980 of the Commonwealth

[Section 7 Amended by No. 41 of 2001, s. 27, Applied:15 Jul 2001] 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 –

(a) as if amended as set out in Schedule 2 ; and

(b) 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 .

8.   Fees payable

(1)  [Section 8 Subsection (1) amended by S.R. 1981 No. 244 ]There shall be paid to the Commissioner for Corporate Affairs, for and on behalf of the State, for or in respect of –

(a) the lodgment of documents with the Commission under the applied provisions;

(b) 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;

(c) 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;

(d) 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;

(e) the making of inquiries of, or applications to, the Ministerial Council or the Commission in relation to matters arising under the applied provisions; and

(f) 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.

(2)  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.

(3)  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.

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

(5)  Nothing in this section prevents the Commissioner for Corporate Affairs, for and on behalf of the State, from –

(a) waiving or reducing, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this section; or

(b) refunding in whole or in part, in a particular case or classes of cases, fees paid pursuant to this section.

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

9.   Amendment of Regulations pursuant to Agreement

(1)  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.

(2)  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.

(3)  In this Act –

(a) 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

(b) 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.

10.   Publication of Securities Industry (Tasmania) Code

(1)  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.

(2)  A document published under subsection (1) –

(a) shall include the headings and sections set out in Schedule 4 ;

(b) 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;

(c) shall include a statement of the date on which the Minister authorized the publication; and

(d) may be cited as the Securities Industry (Tasmania) Code .

(3)  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) .

11.   Publication of Securities Industry (Tasmania) Regulations

(1)  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.

(2)  A document published under subsection (1) –

(a) shall include the headings and provisions set out in Schedule 5 ;

(b) 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;

(c) shall include a statement of the date on which the Minister authorized the publication; and

(d) may be cited as the Securities Industry (Tasmania) Regulations.

(3)  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) .

12.   Publication of Securities Industry (Fees) Regulations

(1)  The Minister may from time to time authorize the publication by the Government Printer of the Schedule to regulations prescribing fees under the Securities Industry (Fees) Act 1980 of the Commonwealth, amended as set out in Schedule 3 and in operation, or to come into operation, in Tasmania.

(2)  A document published under subsection (1) –

(a) shall include the headings and provisions set out in Schedule 6 ;

(b) 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;

(c) shall include a statement of the date on which the Minister authorized the publication; and

(d) may be cited as the Securities Industry (Fees) (Tasmania) Regulations.

(3)  A document that is or purports to be a copy of the Securities Industry (Fees) (Tasmania) Regulations that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions of the Schedule to regulations referred to in section 8 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with paragraph (b) of subsection (2) .

13.   Publication of provisions amending code or regulations

(1)  The Minister may from time to time authorize the publication by the Government Printer of a document setting out –

(a) provisions that by reason of –

(i) the enactment of an Act of the Commonwealth amending the Commonwealth Act ; and

(ii) the operation of section 6 (including the operation, if applicable, of Schedule 1 ) –

apply, or will apply, as laws of Tasmania;

(b) provisions that by reason of –

(i) regulations under the Commonwealth Act ; and

(ii) the operation of section 7 (including the operation, if applicable, of Schedule 2 ) –

apply, or will apply, as regulations made under the provisions applying by reason of section 6 ; or

(c) fees that by reason of –

(i) regulations under the Securities Industry (Fees) Act 1980 of the Commonwealth; and

(ii) the operation of section 8 (including the operation, if applicable, of Schedule 3 ) –

are or will be, payable under that section.

(2)  A document published under subsection (1) shall include a notification of the date, or dates, on which the provisions or fees set out in the document came, or come, into operation in Tasmania.

(3)  A document that has been or purports to have been published in accordance with this section is prima facie evidence of provisions or fees referred to in subsection (1) set out in the document.

14.   Interpretation of references to the applied provisions

(1)  Unless the contrary intention appears, in this or any other Act or in a regulation or other instrument made under this or any other Act or in any other document made by or under the authority of, or for the purposes of, a law of Tasmania –

(a) a reference to the Securities Industry (Tasmania) Code is a reference to the provisions of the Commonwealth Act applying by reason of section 6 ;

(b) a reference to a provision of that Code is a reference to the corresponding provision of the Commonwealth Act as so applying;

(c) a reference to the Securities Industry (Tasmania) Regulations is a reference to the provisions of regulations in force under the Commonwealth Act applying by reason of section 7 ;

(d) a reference to a provision of those regulations is a reference to the corresponding provision of the regulations in force under the Commonwealth Act as so applying;

(e) a reference to the Securities Industry (Fees) (Tasmania) Regulations is a reference to the Schedule to regulations prescribing fees under the Securities Industry (Fees) Act 1980 of the Commonwealth as referred to in section 8 ; and

(f) a reference to a provision of that Schedule is a reference to the corresponding provision of the Schedule to regulations in force under that Act as referred to in section 8 .

(2)  In subsection (1) , provision includes Part, Division, section, subsection, paragraph, subparagraph, Schedule, form, regulation, clause, subclause, or other division.

15.   Amendment of certain provisions in accordance with approval of Ministerial Council

Where under the Agreement the Ministerial Council –

(a) approves –

(i) a proposed amendment of the Commonwealth Act ;

(ii) regulations proposed to be made under the Commonwealth Act (whether or not amending other regulations);

(iii) a proposed amendment of the Securities Industry (Fees) Act 1980 of the Commonwealth; or

(iv) regulations proposed to be made under that Act (whether or not amending other regulations); and

(b) approves proposed regulations to be made under this Act in connection with the operation of the proposed amendment or regulations referred to in paragraph (a) –

the Governor may make regulations amending Schedule 1 , 2 , or 3 or section 8 , as the case may be, in accordance with that approval, and that Schedule or section as so amended shall be Schedule 1 , 2 , or 3 or section 8 , as the case may be, of this Act.

16.   Exemptions from definition of "prescribed interest"

[Section 16 Inserted by No. 9 of 1982, s. 4 and Sched. 2 ]

(1)  [Section 16 Subsection (1) amended by No. 46 of 1991, s. 4 and Sched. 2 ]Where the Ministerial Council approves an exemption of a right or interest, or a right or interest included in a class or kind of rights or interests, to be an exempt right or interest or a class or kind of exempt rights or interests for the purposes of the definition of prescribed interest in section 4 (1) of the Securities Industry (Tasmania) Code , the Governor may make regulations declaring that right or interest, or a right or interest included in that class or kind of rights or interests, to be an exempt right or interest or a class or kind of exempt rights or interests for the purposes of that definition.

(2)  Regulations under subsection (1) shall be construed as one with the Securities Industry (Tasmania) Regulations.

SCHEDULE 1 - Application of Provisions of Commonwealth Act

Section 6

SCHEDULE 2 - Application of Regulations under Commonwealth Act

Section 7

SCHEDULE 3 - Application of Regulations under Securities Industry (Fees) Act 1980 of the Commonwealth

Section 8

SCHEDULE 4 - Headings and Sections for Inclusion in Publication of Commonwealth Act

Section 10

SCHEDULE 5 - Headings and Provisions for Inclusion in Publication of Regulations under Commonwealth Act

Section 11

SCHEDULE 6 - Headings and Provisions for Inclusion in Publication of Regulations under Securities Industry (Fees) Act 1980 of the Commonwealth

Section 12