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

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

Commencement

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

Incorporation

3. 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

4. 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

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

Regulations

6. (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]