Katy Gallagher (ACT, Australian Labor Party) Share this | Hansard source

I rise to speak in support of the Treasury Laws Amendment (2017 Measures No. 3) Bill 2017 and its expeditious passage through the chamber. ASIC has discovered that certain delegations being relied upon did not meet particular requirements under the ASIC Act, leading to a defect in the employment of staff and consultants, and legal uncertainty as to whether people employed by ASIC were lawfully entitled to exercise certain functions and powers. Those functions and powers include coercive powers, such as compelling the production of documents that may then have been used in evidence in court proceedings. So, a range of outcomes under those acts, and the other laws ASIC had administered, may be open to legal challenge.

The bill before us today is to validate certain agreements to employ or engage ASIC staff that were purportedly made before the end of 9 March 2017, and thus provide a legal basis for the exercise by affected staff members of delegated functions and powers of ASIC. The amendments also deal with the consequences are validating those agreements for the purposes of provisions of the Corporations Act, and the ASIC Act, dealing with the transition from the old Corporations and ASIC legislation.

It is important that the operations of our corporate markets and financial services regulator are beyond reproach. A properly well-functioning regulator ensures there is confidence that the financial system is operating properly for the benefit of all Australians. As I stated in my opening remarks, Labor supports this bill and will support its speedy passage through the Senate this morning.