Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations 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. This provides consistency across Commonwealth and State and Territory laws.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 09B, Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 16, Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18
Registered 21 Mar 2022
Tabling HistoryDate
Tabled Senate28-Mar-2022
Tabled HR29-Mar-2022
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022

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 March 2022

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

Part 1—Amendments commencing day after registration                                                    2

Australian Securities and Investments Commission Regulations 2001                                      2

Competition and Consumer Regulations 2010                                                                                2

Corporations Regulations 2001                                                                                                         3

Part 2—Amendments commencing 1 July 2022                                                                        4

Australian Securities and Investments Commission Regulations 2001                                      4

Competition and Consumer Regulations 2010                                                                                4

Corporations Regulations 2001                                                                                                         5

 


1  Name

                   This instrument is the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022.

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.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

22 March 2022

2.  Schedule 1, Part 1

The day after this instrument is registered.

22 March 2022

3.  Schedule 1, Part 2

1 July 2022.

1 July 2022

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

Part 1Amendments commencing day after registration

Australian Securities and Investments Commission Regulations 2001

1  Regulation 3A (table item 10, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2021 commence”, substitute “25 August 2021”.

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. S 598, 27 October 2021

Note:       This Scheme was formerly 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.

The day Part 1 of Schedule 1 to the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022 commences

3  Regulation 3A (cell at table item 21, column 2)

Repeal the cell, substitute:

 

1 September 2021

Competition and Consumer Regulations 2010

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

Repeal the cell, substitute:

 

1 September 2021

5  Regulation 8A (table item 19, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2021 commence”, substitute “25 August 2021”.

6  Regulation 8A (table item 33)

Repeal the item.

7  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. S 598, 27 October 2021

Note:       This Scheme was formerly 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.

The day Part 1 of Schedule 1 to the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022 commences

8  Regulation 8A (cell at table item 36, column 2)

Repeal the cell, substitute:

 

25 August 2021

Corporations Regulations 2001

9  Regulation 7.10.02 (table item 10, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes No. 2) Regulations 2021 commence”, substitute “25 August 2021”.

10  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. S 598, 27 October 2021

Note:       This Scheme was formerly 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.

The day Part 1 of Schedule 1 to the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2022 commences

11  Regulation 7.10.02 (cell at table item 21, column 2)

Repeal the cell, substitute:

 

1 September 2021

Part 2Amendments commencing 1 July 2022

Australian Securities and Investments Commission Regulations 2001

12  Regulation 3A (table item 10)

Repeal the item, substitute:

 

10

The Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (The Queensland Law Society Professional Standards Scheme) Notice 2021 (Qld), 17 December 2021

Note:       This Scheme was formerly the Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (Queensland Law Society Professional Standards Scheme) Notice 2016 (Qld), 30 June 2016, including as modified by the extension published in the Queensland Government Gazette No. 63, 23 April 2021.

1 July 2022

13  Regulation 3A (table item 15)

Repeal the item, substitute:

 

15

The Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 5, 20 January 2022

Note:       This Scheme was formerly the Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 21, 5 April 2017, including as modified by the amendments published in the South Australian Government Gazette No. 77, 21 November 2017.

1 July 2022

Competition and Consumer Regulations 2010

14  Regulation 8A (table item 19)

Repeal the item, substitute:

 

19

The Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (The Queensland Law Society Professional Standards Scheme) Notice 2021 (Qld), 17 December 2021

Note:       The Scheme was formerly the Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (Queensland Law Society Professional Standards Scheme) Notice 2016 (Qld), 30 June 2016, including as modified by the extension published in the Queensland Government Gazette No. 63, 23 April 2021.

1 July 2022

15  Regulation 8A (table item 26)

Repeal the item, substitute:

 

26

The Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 5, 20 January 2022

Note:       This Scheme was formerly the Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 21, 5 April 2017, including as modified by the amendments published in the South Australian Government Gazette No. 77, 21 November 2017.

1 July 2022

Corporations Regulations 2001

16  Regulation 7.10.02 (table item 10)

Repeal the item, substitute:

 

10

The Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (The Queensland Law Society Professional Standards Scheme) Notice 2021 (Qld), 17 December 2021

Note:       The Scheme was formerly the Queensland Law Society Professional Standards Scheme, approved as described in the Professional Standards (Queensland Law Society Professional Standards Scheme) Notice 2016 (Qld), 30 June 2016, including as modified by the extension published in the Queensland Government Gazette No. 63, 23 April 2021.

1 July 2022

17  Regulation 7.10.02 (table item 15)

Repeal the item, substitute:

 

15

The Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 5, 20 January 2022

Note:       This Scheme was formerly the Law Society of South Australia Professional Standards Scheme, published in the South Australian Government Gazette No. 21, 5 April 2017, including as modified by the amendments published in the South Australian Government Gazette No. 77, 21 November 2017.

1 July 2022