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10 July 2001
The Corporations Bill 2001 and the Australian Securities and Investments Commission Bill 2001 have been introduced into the federal Parliament and are expected to come into force on July 15 2001.
This legislation (together with legislation enacted by all states and territories) is designed to resolve doubts about the constitutional validity of certain aspects of Australia's national scheme of corporate regulation (see Stock Exchange Opened to Foreign Brokers).
On its enactment, the Financial Services Reform Bill will fundamentally change Australia's regulation of financial services. The bill has been introduced into the federal Parliament with a proposed enactment date of October 1 2001 (see Stock Exchange Opened to Foreign Brokers).
The Australian Securities and Investments Commission (ASIC) has released 11 papers (with more to come) which set out the way it proposes to handle policy and administrative issues arising from the new regime. ASIC has invited public comment on them. It is anticipated that they may be amended in light of comments received by ASIC and of transitional legislation (to operate for two years following the enactment of the bill) which has recently been introduced into the the federal Parliament. The ASIC is also proposing to release a transitional arramgements policy paper in early August.
For further information on this topic please contact Karen Fairbairn at Atanaskovic Hartnell by telephone (+612 9777 7000) or by fax (+612 9777 8777) or by e-mail (email@example.com).
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