Federal Register of Legislation - Australian Government

Primary content

Regulations as made
This instrument amends the Australian Securities and Investments Commission Regulations 2001, Competition and Consumer Regulations 2010 and Corporations Regulations 2001 to update the list of prescribed professional schemes that have capped civil liability for misleading and deceptive conduct. This provides consistency across Commonwealth and State and Territory laws.
Administered by: Treasury
Registered 30 Apr 2021
Tabling HistoryDate
Tabled HR11-May-2021
Tabled Senate11-May-2021
To be repealed 12 Aug 2021
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021

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 29 April 2021

David Hurley

Governor‑General

By His Excellency’s Command

Michael Sukkar

Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing

 

  

  


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                                                                                2

Corporations Regulations 2001                                                                                                         3

 


1  Name

                   This instrument is the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021.

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.

1 May 2021

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 Acts:

                     (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 6)

Repeal the item, substitute:

 

6

The Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 16, 21 April 2016, including as modified by the extension published in the Victoria Government Gazette No. G 9, 4 March 2021

Note:       This Scheme was formerly the Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 10, 11 March 2010.

The scheme—25 May 2017

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

2  Regulation 3A (table item 19)

Repeal the item, substitute:

 

19

The Institute of Public Accountants Professional Standards Scheme, published in the Victoria Government Gazette No. G 42, 18 October 2018, including as modified by the extension published in the Victoria Government Gazette No. S 695, 24 December 2020

Note:       This Scheme was formerly the Institute of Public Accountants Professional Standards Scheme, published in the New South Wales Government Gazette No. 135, 28 December 2012, including as modified by the extension and amendments made by instrument published in the New South Wales Government Gazettes No. 72, 30 June 2017 and No. 118, 20 October 2017.

The scheme—26 March 2019

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

Competition and Consumer Regulations 2010

3  Regulation 8A (table item 14)

Repeal the item, substitute:

 

14

The Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 16, 21 April 2016, including as modified by the extension published in the Victoria Government Gazette No. G 9, 4 March 2021

Note:       This Scheme was formerly the Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 10, 11 March 2010.

The scheme—25 May 2017

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

4  Regulation 8A (table item 33)

Repeal the item, substitute:

 

33

The RICS Valuers Limited Scheme, published in the New South Wales Government Gazette No. 109, 4 December 2015, including as modified by:

(a) the amendments published in the New South Wales Government Gazette No. 120, 23 December 2016; and

(b) the extension published in the New South Wales Government Gazette No. 306, 6 November 2020

The scheme—27 February 2016

The amendments mentioned in paragraph (a)—10 February 2018

The extension mentioned in paragraph (b)—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

5  Regulation 8A (table item 34)

Repeal the item, substitute:

 

34

The Institute of Public Accountants Professional Standards Scheme, published in the Victoria Government Gazette No. G 42, 18 October 2018, including as modified by the extension published in the Victoria Government Gazette No. S 695, 24 December 2020

Note:       This Scheme was formerly the Institute of Public Accountants Professional Standards Scheme, published in the New South Wales Government Gazette No. 135, 28 December 2012, including as modified by the extension and amendments made by instrument published in the New South Wales Government Gazettes No. 72, 30 June 2017 and No. 118, 20 October 2017.

The scheme—26 March 2019

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

Corporations Regulations 2001

6  Regulation 7.10.02 (table item 6)

Repeal the item, substitute:

 

6

The Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 16, 21 April 2016, including as modified by the extension published in the Victoria Government Gazette No. G 9, 4 March 2021

Note:       This Scheme was formerly the Law Institute of Victoria Limited Scheme, published in the Victoria Government Gazette No. G 10, 11 March 2010.

The scheme—25 May 2017

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence

 

7  Regulation 7.10.02 (table item 19)

Repeal the item, substitute:

 

19

The Institute of Public Accountants Professional Standards Scheme, published in the Victoria Government Gazette No. G 42, 18 October 2018, including as modified by the extension published in the Victoria Government Gazette No. S 695, 24 December 2020

Note:       This Scheme was formerly the Institute of Public Accountants Professional Standards Scheme, published in the New South Wales Government Gazette No. 135, 28 December 2012, including as modified by the extension and amendments made by instrument published in the New South Wales Government Gazettes No. 72, 30 June 2017 and No. 118, 20 October 2017.

The scheme—26 March 2019

The extension—the day the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2021 commence