Corporations (Futures Organisations Levies) Act 2001

Act No. 53 of 2001 as amended

[Note: This Act is to be repealed by Act No. 123 of 2001]

This compilation was prepared on 11 March 2002
taking into account amendments up to Act No. 123 of 2001

The text of any of those amendments not in force
on that date is appended in the Notes section

Prepared by the Office of Legislative Drafting,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]...........................

2 Commencement [see Note 1].......................

3 Definitions..................................

4 Imposition of levies in respect of futures organisation fidelity funds.

5 Amounts of levies..............................

6 Transitional matters.............................

Notes 

An Act to impose levies in respect of futures organisation fidelity funds, and for related matters

1  Short title [see Note 1]

  This Act may be cited as the Corporations (Futures Organisations Levies) Act 2001.

2  Commencement [see Note 1]

  This Act commences at the same time as the Corporations Act 2001.

3  Definitions

 (1) In this Act:

old Corporations Law, in relation to a State or Territory, has the same meaning as it has in Part 10.1 of the Corporations Act 2001.

 (2) Other expressions used in this Act that were defined in a provision of the Corporations Act 2001 that, immediately before the commencement of this subsection, applied for the purposes of Part 8.6 of that Act (whether it also applied for other purposes) have the same meanings in this Act as they were given by that provision.

4  Imposition of levies in respect of futures organisation fidelity funds

  The following levies in respect of futures organisation fidelity funds are imposed:

 (a) the levy by the name of futures organisation (application for membership) fidelity fund contribution that is payable under subsection 1234(1) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a person who wishes to be admitted to membership of a futures organisation as mentioned in that subsection;

 (b) the levy by the name of futures organisation (annual membership) fidelity fund contribution that is payable under subsection 1234(2) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a member of a futures organisation referred to in that subsection;

 (c) any levy by the name of futures organisation additional fidelity fund contribution that is payable under subsection 1235(1) of the Corporations Act 2001, as that subsection continues to apply because of section 1415 or 1420 of the Financial Services Reform (Consequential Provisions) Act 2001, by a contributing member of a futures organisation referred to in that subsection.

5  Amounts of levies

 (1) The amount of levy imposed by paragraph 4(a) is such amount, not being less than $500, as is determined by the futures organisation in relation to the person, or in relation to a class of persons that includes the person.

 (2) The amount of levy imposed by paragraph 4(b) is such amount, not being less than $100, as is determined by the futures organisation in relation to the member, or in relation to a class of members that includes the member.

 (3) Subject to subsections (4) and (5), the amount of levy imposed by paragraph 4(c) is such amount as is determined by the futures organisation in relation to the contributing member, or in relation to a class of contributing members that includes the contributing member.

 (4) Subsection (3) has effect subject to the following limitations:

 (a) if, apart from this section, the making of a determination (the new determination) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection to more than $5,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $5,000;

 (b) if, apart from this section, the making of a determination (the new determination) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection in a period of 12 months (which may be a period some of which occurred before the commencement of this Act) to more than $1,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $1,000.

 (5) A reference in subsection (4) to an amount of levy determined in relation to a person under subsection (3) is taken to include a reference to:

 (a) in the case of paragraph (4)(a)—any amount that counted for the purpose of the $5,000 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act; and

 (b) in the case of paragraph (4)(b)—any amount that counted for the purpose of the $1,000 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act in respect of so much of the 12 month period referred to in paragraph (4)(b) as occurred before that commencement.

6  Transitional matters

 (1) If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1234(2) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

 (2) If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

 (3) A determination of an amount in force immediately before the commencement for the purposes of subsection 1234(1), 1234(2) or 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction continues to have effect (and may be dealt with) after the commencement of this Act as if it were:

 (a) in the case of a determination for the purposes of subsection 1234(1)—a determination for the purposes of subsection 5(1) of this Act; or

 (b) in the case of a determination for the purposes of subsection 1234(2)—a determination for the purposes of subsection 5(2) of this Act; or

 (c) in the case of a determination for the purposes of subsection 1235(1)—a determination for the purposes of subsection 5(3) of this Act.

Notes to the Corporations (Futures Organisations Levies) Act 2001

Note 1

The Corporations (Futures Organisations Levies) Act 2001 as shown in this compilation comprises Act No. 53, 2001 amended as indicated in the Tables below.

Table of Acts

(a) The Corporations (Futures Organisations Levies) Act 2001 was amended by Schedule 1 (items 225‑227) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1), (5) and (6) of which provide as follows:

 (1) In this section:

  FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

 (5) Items 227 and 231 of Schedule 1 commence at the end of the period of 2 years starting on the FSR commencement. [see Note 2]

 (6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Note 2

Financial Services Reform (Consequential Provisions) Act 2001
(No. 123, 2001)

The following amendment commences on 11 March 2004:

Schedule 1

227  The whole of the Act

Repeal the Act.

As at 11 March 2002 the repeal has not taken effect.