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SLI 2010 No. 214 Regulations as made
These Regulations amend the Corporations (Fees) Regulations 2001 to provide the detail of how ASIC will recover the costs incurred by it in taking over the responsibility for supervising domestic licensed financial markets.
Administered by: Treasury
Made 08 Jul 2010
Registered 13 Jul 2010
Tabled HR 28 Sep 2010
Tabled Senate 28 Sep 2010
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Corporations (Fees) Amendment Regulations 2010 (No. 3)1

Select Legislative Instrument 2010 No. 214

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations (Fees) Act 2001.

Dated 8 July 2010

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

CHRIS BOWEN


1              Name of Regulations

                These Regulations are the Corporations (Fees) Amendment Regulations 2010 (No. 3).

2              Commencement

                These Regulations commence on the commencement of Schedule 1 to the Corporations Amendment (Financial Market Supervision) Act 2010.

3              Amendment of Corporations (Fees) Regulations 2001

                Schedule 1 amends the Corporations (Fees) Regulations 2001.


Schedule 1        Amendments

(regulation 3)

 

[1]           Subregulation 3 (1), note

substitute

Note   Fees for other chargeable matters are prescribed in regulations 5, 6, 8 and 9.

[2]           After regulation 7

insert

8              Market integrity functions — prescribed fees

Small financial market

         (1)   In subregulation (2), a small financial market is a financial market that has the following characteristics:

                (a)    it is not:

                          (i)    the financial market operated by Sydney Futures Exchange Limited; or

                         (ii)    the financial market operated by ASX Limited; or

                         (iii)    an exempt market;

               (b)    the operator is licensed under subsection 795B (1) of the Corporations Act;

                (c)    it does not have the characteristics mentioned in paragraphs (5) (c) and (d);

               (d)    the total value of completed transactions in securities (as measured by the sale price of the securities) that are reported to the operator of the market under the operating rules of the market during the billing period is less than $2 500 000 000.

         (2)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to a small financial market during a billing period:

                (a)    the fee is $9 375; and

               (b)    the fee is not imposed again for the billing period if ASIC performs its functions during the billing period in relation to another small financial market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act 2001).

         (3)   If the first billing period is less than 3 months, the fee is worked out by:

                (a)    multiplying $9 375 by the number of days in the period starting on the day on which ASIC first performs its functions and ending at the end of the billing period; and

               (b)    dividing the result by 92; and

                (c)    rounding the result down to the nearest whole dollar.

         (4)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day of the billing period following the billing period in which ASIC performs its functions.

Wholesale financial market

         (5)   In subregulation (6), a wholesale financial market is a financial market that has the following characteristics:

                (a)    it is not:

                          (i)    a small financial market; or

                         (ii)    the financial market operated by Sydney Futures Exchange Limited; or

                         (iii)    the financial market operated by ASX Limited; or

                        (iv)    an exempt market;

               (b)    the operator is licensed under subsection 795B (1) of the Corporations Act;

                (c)    each participant in the market is a wholesale client within the meaning of section 761G of the Corporations Act;

               (d)    each participant in the market acts:

                          (i)    only on its own behalf; or

                         (ii)    only on behalf of other wholesale clients.

         (6)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to a wholesale financial market during a billing period:

                (a)    the fee is $9 375; and

               (b)    the fee is not imposed again for the billing period if ASIC performs its functions during the billing period in relation to another wholesale financial market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act 2001).

         (7)   If the relevant billing period is less than 3 months, the fee is worked out by:

                (a)    multiplying $9 375 by the number of days in the period starting on the day on which ASIC first performs its functions and ending at the end of the billing period; and

               (b)    dividing the result by 92; and

                (c)    rounding the result down to the nearest whole dollar.

         (8)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day of the billing period following the billing period in which ASIC performs its functions.

Sydney Futures Exchange

         (9)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to the financial market operated by Sydney Futures Exchange Limited during a billing period:

                (a)    the fee is $138 750; and

               (b)    the fee is not imposed again if ASIC performs its functions during the billing period in relation to another market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act 2001).

       (10)   If the first billing period is less than 3 months, the fee is worked out by:

                (a)    multiplying $138 750 by the number of days in the period starting on the day on which ASIC first performs its functions and ending at the end of the billing period; and

               (b)    dividing the result by 92; and

                (c)    rounding the result down to the nearest whole dollar.

       (11)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day of the billing period following the billing period in which ASIC performs its functions.

ASX

       (12)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to the financial market operated by ASX Limited during a billing period:

                (a)    the fee is $786 250; and

               (b)    the fee is not imposed again if ASIC performs its functions during the billing period in relation to another market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act 2001).

       (13)   If the first billing period is less than 3 months, the fee is worked out by:

                (a)    multiplying $786 250 by the number of days in the period starting on the day on which ASIC first performs its functions and ending at the end of the billing period; and

               (b)    dividing the result by 92; and

                (c)    rounding the result down to the nearest whole dollar.

       (14)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day of the billing period following the billing period in which ASIC performs its functions.

       (15)   In this regulation:

billing period means any of the following periods:

                (a)    the period starting when this regulation commences and ending on 30 September 2010;

               (b)    the period of 3 months starting on 1 October 2010;

                (c)    each period of 3 months starting on 1 January 2011, 1 April 2011, 1 July 2011 and 1 October 2011.

exempt market means a market that has been exempted, by regulations made for paragraph 798L (1) (b) of the Corporations Act, from all of the provisions of Part 7.2A of that Act.

first billing period means the period starting when this regulation commences and ending on 30 September 2010.

Note 1   ASIC’s functions under Part 7.2A (Supervision of financial markets) of the Corporations Act are mentioned in paragraph (m) of the definition of chargeable matter in subsection 4 (1) of the Act. Expressions that are defined in the Corporations Act have the same meanings in these Regulations: see subsection 4 (2) of the Act.

Note 2   Subparagraph 7 (1) (m) (i) of the Act identifies the person liable to pay the fee.

9              Market integrity functions — late payment penalty

         (1)   This regulation applies if a fee prescribed in regulation 8 is not paid on the day on which liability for the fee is incurred (the due day).

         (2)   For subsection 6A (1) of the Act:

                (a)    a fee for late payment is prescribed in relation to the performance by ASIC of its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act; and

               (b)    the amount of the fee for late payment is worked out by multiplying the amount of the fee by the yield to maturity rate (expressed as a percentage) quoted by the Reserve Bank of Australia and applicable on the due day; and

                (c)    the fee is additional to the relevant fee prescribed in regulation 8.

         (3)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the due day.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.