Craig Laundy (Reid, Liberal Party, Minister for Small and Family Business, the Workplace and Deregulation) Share this | Link to this | Hansard source

I present a supplementary explanatory memorandum to the bill. By leave—I move government amendments (1) to (4) together:

(1) Clause 2, page 2 (table item 2, column 1), omit "2 and 3", substitute "2, 2A and 3".

(2) Schedule 1, item 1, page 39 (line 9), omit "declaration", substitute "regulations".

(3) Schedule 2, page 116 (after line 27), after item 349, insert:

349A Subsection 1351(3) (after table item 2)

Insert:

349B Paragraph 1351(4 ) ( b)

After "a registered scheme", insert ", a notified foreign passport fund".

349C Paragraph 1351(4 ) ( b)

Omit "the company, scheme or body", substitute "the company, scheme, fund or body".

(4) Page 117 (after line 13), after Schedule 2, insert:

Schedule 2A—Further amendments consequential on Chapter 8A

Competition and Consumer Act 2010

1 Section 95 of Schedule 2 (note)

Omit "managed investment products", substitute "interests in managed investment schemes (which for the purposes of that Act include interests in notified foreign passport funds)".

2 Section 187 of Schedule 2 (note)

Omit "managed investment products", substitute "interests in managed investment schemes (which for the purposes of that Act include interests in notified foreign passport funds)".

Financial Sector (Collection of Data) Act 2001

3 Paragraph 13(4A ) ( c)

After "managed investment scheme", insert "(within the meaning of the Corporations Act 2001)".

Foreign Acquisitions and Takeovers Act 1975

4 Paragraph 6(3 ) ( f)

Omit "managed investment scheme", substitute "registered scheme".

5 Paragraph 6(3 ) ( f)

After "the responsible entity of the scheme", insert "(within the meaning of that Act)".

6 After paragraph 6(3 ) ( f)

Insert:

(fa) one holds a substantial interest in a notified foreign passport fund (within the meaning of the Corporations Act 2001) and the other is the operator of the fund (within the meaning of that Act); or

Income Tax Assessment Act 1936

7 Subparagraph 128AE(2 ) ( e ) ( iii)

After "as defined by subsection 92(3) of the Corporations Act 2001", insert "for the purposes of Chapters 6 to 6CA, disregarding Chapter 6C, of that Act".

Insurance Act 1973

8 Subsection 3(1) (definition of financial year )

After "Corporations Act 2001", insert "(disregarding Schedule 2 of that Act)".

Payment Systems and Netting Act 1998

9 Section 5 (paragraph (a) of the definition of financial property )

Omit "subsections 92(3) and (4)", substitute "subsections 92(2A), (3) and (4)".

Pooled Development Funds Act 1992

10 Paragraph 30(1 ) ( e)

After "managed investment scheme", insert "(including a notified foreign passport fund)".

The government is now introducing parliamentary amendments to the Corporations Amendment (Asia Region Funds Passport) Bill 2018 that will make minor consequential changes to other affected laws. The minor consequential amendments deal with references to managed investment schemes that now also extend to cover notified foreign passport funds. These amendments are being introduced now because they were not identified in time to be included in the original bill. These consequential changes are necessary for consistency with other legislation and for the completeness of the passport's implementation.

Other consequential amendments are dealt with under a separate standalone bill, that being the Corporations (Review Fees) Amendment Bill 2018, due to restrictions in the Constitution which preclude these amendments from being incorporated as parliamentary amendments to the passport bill. Specifically, the Corporations (Review Fees) Act 2003 states that it is imposing the review fees, in relation to the Corporations Act 2001, as taxes, and section 55 of the Constitution precludes introducing any tax provisions in an amending instrument.

Question agreed to.

Bill, as amended, agreed to.