Chris Bowen (Prospect, Australian Labor Party, Minister for Financial Services, Superannuation and Corporate Law) Share this | Link to this | Hansard source

in reply—The Corporations (Fees) Amendment Bill 2010 amends the Corporations (Fees) Act 2001 to allow a fee to be charged to market operators in respect of market supervision functions which the main bill vests in the corporate regulator ASIC. At present market operators are responsible for supervision, the cost of which they pass on to participants. In taking on this role ASIC will pass on the cost of supervising markets to the market operators on a cost recovery basis. The regulations will specify how the fee will be calculated and when it will be imposed. I commend this bill to the House.

Bill read a second time.