Joe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | Hansard source

I give notice that, on the next day of sitting, I shall move:

          That the provisions of paragraph (5) to (8) of standing order 111 not apply to the Corporations Amendment (Financial Market Supervision) Bill 2010, Corporations (Fees) Amendment Bill 2010 and the National Consumer Credit Protection Amendment Bill 2010, allowing them to be considered during this period of sittings.

I also table a statement of reasons justifying the need for this bill to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

       Leave granted.

       The statement read as follows—

Purpose of the Bills

The Corporations Amendment (Financial Market Supervision) Bill (the bill) establishes the framework to provide for the Australian Securities and Investments Commission (ASIC) to assume responsibility for supervision of Australia’s domestically licensed financial markets, in line with the Government’s announcement on 24 August 2009.

The bill also provides for ASIC to set rules regarding supervision of transactions on Australia’s financial markets and provides ASIC with the powers necessary to enforce such rules.

The Corporations (Fees) Amendment Bill will allow ASIC to recover the costs of supervision from market operators. 

Reasons for Urgency

ASIC is to take over the responsibility for the supervision of Australia’s financial markets from the third quarter 2010.

In order for this to occur, introduction and passage of the bill in the 2010 Autumn sittings is essential.

ASIC will require approximately three months lead time once the legislation is passed to customise the supervisory systems and ensure they are operational before it assumes sole supervisory responsibility.