Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations amend the Australian Securities and Investments Commission Regulations 2001, the Competition and Consumer Regulations 2010 and the Corporations Regulations 2001 to update the list of prescribed professional schemes that have capped civil liability for misleading and deceptive conduct under the Australian Securities and Investments Commission Act 2001, the Competition and Consumer Act 2010 and the Corporations Act 2001 to provide consistency across Commonwealth and State and Territory laws.
Administered by: Treasury
Registered 21 Oct 2019
Tabling HistoryDate
Tabled HR22-Oct-2019
Tabled Senate11-Nov-2019
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 17 October 2019

David Hurley

Governor‑General

By His Excellency’s Command

Michael Sukkar

Assistant Treasurer

 

 

 

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Australian Securities and Investments Commission Regulations 2001                                      2

Competition and Consumer Regulations 2010                                                                                3

Corporations Regulations 2001                                                                                                         5

 


1  Name

                   This instrument is the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

22 October 2019

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the Australian Securities and Investments Commission Act 2001;

                     (b)  the Competition and Consumer Act 2010;

                     (c)  the Corporations Act 2001.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Australian Securities and Investments Commission Regulations 2001

1  Regulation 3A (table item 1)

Repeal the item, substitute:

1

The CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 98, 30 August 2019

Note:       This Scheme was formerly the CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 138, 22 December 2017.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

2  Regulation 3A (table item 2)

Repeal the item, substitute:

2

Chartered Accountants Australia and New Zealand Professional Standards Scheme, published in the New South Wales Government Gazette No. 72, 12 July 2019

Note:       This Scheme is a national Scheme which replaces 7 previous State and Territory Schemes of the same name.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

3  Regulation 3A (cell at table item 3, column 2)

Repeal the cell, substitute:

26 March 2019

4  Regulation 3A (table item 5)

Repeal the item.

5  Regulation 3A (table item 7)

Repeal the item, substitute:

7

The Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. G 16, 18 April 2019

Note:       This Scheme was formerly the Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. S 134, 24 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

6  Regulation 3A (cell at table item 8, column 2)

Repeal the cell, substitute:

26 March 2019

7  Regulation 3A (table items 9 and 11)

Repeal the items.

8  Regulation 3A (table item 12)

Repeal the item, substitute:

12

The Law Society of Western Australia Professional Standards Scheme, published in the Western Australian Government Gazette No. 62, 7 May 2019

Note:       This Scheme was formerly the Law Society of Western Australia Scheme, published in the Western Australian Government Gazette No. 54, 11 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

9  Regulation 3A (cell at table item 13, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 commence”, substitute “26 March 2019”.

10  Regulation 3A (table items 14, 17 and 18)

Repeal the items.

11  Regulation 3A (cell at table item 19, column 2)

Repeal the cell, substitute:

26 March 2019

Competition and Consumer Regulations 2010

12  Regulation 8A (cell at table item 1, column 2)

Repeal the cell, substitute:

26 March 2019

13  Regulation 8A (table item 2)

Repeal the item, substitute:

2

The Australian Property Institute Valuers Limited Professional Standards Scheme, published in the New South Wales Government Gazette No. 34, 6 May 2016, including as modified by the amendments published in the New South Wales Government Gazette No. 59, 12 June 2019

Note:       This Scheme was formerly the Australian Property Institute Valuers Limited Scheme, published in the New South Wales Government Gazette No. 34, 6 May 2016, including as modified by the amendments published in the New South Wales Government Gazette No. 123, 10 November 2017.

The scheme—25 May 2017

The amendments—the day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

14  Regulation 8A (table item 5)

Repeal the item, substitute:

5

The CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 98, 30 August 2019

Note:       This Scheme was formerly the CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 138, 22 December 2017.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

15  Regulation 8A (table item 7)

Repeal the item, substitute:

7

Chartered Accountants Australia and New Zealand Professional Standards Scheme, published in the New South Wales Government Gazette No. 72, 12 July 2019

Note:       This Scheme is a national Scheme which replaces 7 previous State and Territory Schemes of the same name.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

16  Regulation 8A (cell at table item 8, column 2)

Repeal the cell, substitute:

26 March 2019

17  Regulation 8A (cell at table item 10, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 commence”, substitute “26 March 2019”.

18  Regulation 8A (table item 13)

Repeal the item.

19  Regulation 8A (table item 15)

Repeal the item, substitute:

15

The Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. G 16, 18 April 2019

Note:       This Scheme was formerly the Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. S 134, 24 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

20  Regulation 8A (cell at table item 16, column 2)

Repeal the cell, substitute:

26 March 2019

21  Regulation 8A (table items 17 and 21)

Repeal the items.

22  Regulation 8A (table item 22)

Repeal the item, substitute:

22

The Law Society of Western Australia Professional Standards Scheme, published in the Western Australian Government Gazette No. 62, 7 May 2019

Note:       This Scheme was formerly the Law Society of Western Australia Scheme, published in the Western Australian Government Gazette No. 54, 11 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

23  Regulation 8A (cell at table item 23, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 commence”, substitute “26 March 2019”.

24  Regulation 8A (table items 25, 30 and 32)

Repeal the items.

25  Regulation 8A (cell at table item 34, column 2)

Repeal the cell, substitute:

26 March 2019

Corporations Regulations 2001

26  Regulation 7.10.02 (table item 1)

Repeal the item, substitute:

1

The CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 98, 30 August 2019

Note:       This Scheme was formerly the CPA Australia Ltd Professional Standards (Accountants) Scheme, published in the New South Wales Government Gazette No. 138, 22 December 2017.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

27  Regulation 7.10.02 (table item 2)

Repeal the item, substitute:

2

Chartered Accountants Australia and New Zealand Professional Standards Scheme, published in the New South Wales Government Gazette No. 72, 12 July 2019

Note:       This Scheme is a national Scheme which replaces 7 previous State and Territory Schemes of the same name.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

28  Regulation 7.10.02 (cell at table item 3, column 2)

Repeal the cell, substitute:

26 March 2019

29  Regulation 7.10.02 (table item 5)

Repeal the item.

30  Regulation 7.10.02 (table item 7)

Repeal the item, substitute:

7

The Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. G 16, 18 April 2019

Note:       This Scheme was formerly the Victorian Bar Professional Standards Scheme, published in the Victoria Government Gazette No. S 134, 24 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

31  Regulation 7.10.02 (cell at table item 8, column 2)

Repeal the cell, substitute:

26 March 2019

32  Regulation 7.10.02 (table items 9 and 11)

Repeal the items.

33  Regulation 7.10.02 (table item 12)

Repeal the item, substitute:

12

The Law Society of Western Australia Professional Standards Scheme, published in the Western Australian Government Gazette No. 62, 7 May 2019

Note:       This Scheme was formerly the Law Society of Western Australia Scheme, published in the Western Australian Government Gazette No. 54, 11 April 2014.

The day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2019 commence

34  Regulation 7.10.02 (cell at table item 13, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 commence”, substitute “26 March 2019”.

35  Regulation 7.10.02 (table items 14, 17 and 18)

Repeal the items.

36  Regulation 7.10.02 (cell at table item 19, column 2)

Repeal the cell, substitute:

26 March 2019