Bill
Statute Update (Smaller Government) Bill 2017
passed, as at 2018-02-20. Finance portfolio.
- Sponsor
- Not recorded
- Portfolio
- Finance
Recorded stages
- introduced — 2017-06-22
- second reading — 2017-06-22
- second reading — 2017-09-13
- other — 2017-09-13
- second reading — 2017-09-13
- other — 2017-09-13
- third reading — 2017-09-13
- introduced — 2017-09-14
- second reading — 2017-09-14
- second reading — 2017-11-29
- second reading — 2018-02-05
- second reading — 2018-02-05
- committee — 2018-02-05
- third reading — 2018-02-05
- passed — 2018-02-05
- royal assent — 2018-02-20
Divisions
- Statute Update (Smaller Government) Bill 2017 - Third Reading - Pass the bill — 2018-02-05, Senate: affirmative, ayes 41, noes 9
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2017-06-22.
This bill abolishes the Corporations and Markets Advisory Committee (CAMAC), an agency that advises on corporations and markets law.
It transfers CAMAC's legal responsibilities to the Commonwealth and the Treasury, and allows the relevant Treasury Portfolio Minister to make rules about these transfers.
The bill also preserves privacy protections for information disclosed to CAMAC and includes transitional arrangements for its cessation.
- Repeals Part 9 of the Australian Securities and Investments Commission Act 2001, which established CAMAC.
- Makes consequential amendments to the ASIC Act and provides transitional and savings arrangements for CAMAC's cessation.
- Transfers CAMAC's legal responsibilities to the Commonwealth and the Treasury for the operation of Commonwealth laws and the Ombudsman Act 1976.
- Allows the relevant Treasury Portfolio Minister (or delegate) to make rules carving out things from the Commonwealth's substitution or prescribing a particular person to take CAMAC's place.
- Continues any conditions placed on CAMAC regarding information disclosed under subsection 127(4) of the ASIC Act.
The affected parties are CAMAC, the Commonwealth, the Treasury, and recipients of information disclosed under the ASIC Act.
Sources
em
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frl act