Michael McCormack (Riverina, National Party, Minister for Small Business) Share this | Hansard source

Firstly, I would like to thank members who have contributed to this debate, including the shadow Treasurer just now. In summing up, the bill makes technical amendments to the Australian Securities and Investments Commission Act 2001, ASIC Act, and the Corporations Act 2001. The amendments respond to the recent discovery of the invalid delegations of power to a small number of purported ASIC employees. These invalid delegations were, largely, due to an administrative error that occurred in 1999.

These invalid delegations created a risk that action taken under the purported delegation will be challenged on the basis that it was not legally valid action. The bill eliminates these risks by retrospectively amending the ASIC Act and the Corporations Act to deem those affected staff as always having been validly appointed. The bill will have no practical impact on ASIC's current or former staff but resolves any legal uncertainties or risks, and with that I commend this bill to the House.

Question agreed to.

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