Select Legislative Instrument 2007 No. 201
I, PROFESSOR MARIE BASHIR, AC, CVO, Deputy for the Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under paragraph 20 (1) (b) of Schedule 2 to the Governance Review Implementation (Treasury Portfolio Agencies) Act 2007.
Dated 28 June 2007
Deputy for the Governor‑General
By Her Excellency’s Command
CHRISTOPHER JOHN PEARCE
1 Name of Regulations
These Regulations are the Governance Review Implementation (Treasury Portfolio Agencies) (Application and Transitional Provisions) Regulations 2007.
2 Commencement
These Regulations commence on 1 July 2007.
3 Definitions
Act means the Governance Review Implementation (Treasury Portfolio Agencies) Act 2007.
ASIC means the Australian Securities and Investments Commission.
ASIC Act means the Australian Securities and Investments Commission Act 2001.
Companies and Unclaimed Moneys Special Account means the account established by section 133 of the ASIC Act.
4 Interest on investment of unclaimed property
(1) This regulation applies to income derived from the investment of money that is unclaimed property held, immediately before the commencement of these Regulations, on trust by ASIC to be dealt with under Part 9.7 of the Corporations Act 2001 (as in force at that time).
(2) Income to which this regulation applies:
(a) that was received by ASIC before 1 July 2007 but not applied under subsection 1339 (3) of the Corporations Act 2001; and
(b) which is required to be credited to the Companies and Unclaimed Moneys Special Account by clause 3 of Schedule 2 to the Act;
may be dealt with under subregulation (4).
(3) Income to which this regulation applies:
(a) that is received by ASIC on or after 1 July 2007; and
(b) which is required to be credited to the Companies and Unclaimed Moneys Special Account by subsection 1339 (2) of the Corporations Act 2001;
may be dealt with under subregulation (4).
(4) Income mentioned in subregulation (3) or (4) may be debited from the Companies and Unclaimed Moneys Special Account for payment in relation to proposals determined by the Minister to reduce business costs and improve regulation in one or more of the following areas:
(a) corporate governance of managed investment schemes and bodies corporate;
(b) securities;
(c) financial products;
(d) winding up and external administration of managed investment schemes and bodies corporate.
Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.