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The Commonwealth then sought to take sole responsibility for corporations law in Australia. In 2001, the current arrangement was created, after the states referred their power in respect of corporations to the Commonwealth. Australian Securities Commission Act 1989, [6] and Australian Securities & Investments Commission
The Corporations Act 2001 is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated.
Australian Horticultural Corporation Act 1987 1987 (No. 164) No Australian Horticultural Corporation (Transitional Provisions and Consequential Amendments) Act 1987 1987 (No. 165) No Australian Housing Corporation Act 1975 1975 (No. 25) No Australian Immunisation Register Act 2015 2015 (No. 138) Yes (as amended)
The important reforms to the Corporations Act included: changes to continuous disclosure offence provisions, including giving ASIC the power to issue infringement notices. changes to financial reporting, including requiring the CEO and CFO sign-off to the board, and Management Discussion & Analysis (MD&A) disclosure in the Annual Report.
The corporations power, Constitution s 51(xx), empowers the Commonwealth to legislate with respect to "foreign corporations, and trading or financial corporations formed within the limits of the Commonwealth". On the basis of this power, in 1989 the Commonwealth enacted comprehensive legislation on corporations in Australia, the Corporations ...
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
In Australia, the relevant provisions for effecting a scheme of arrangement or reconstruction are located in Part 5.1 of the Corporations Act 2001 (Cth). Section 411(1) states that where a company and its creditors or shareholders propose a compromise or arrangement, the court can order a meeting or the creditors or shareholders.
Under the Australian Corporations Act 2001, many entities are required to apply Australian Accounting Standards when preparing their financial statements. Some public sector entities are required to apply Australian Accounting Standards under either Commonwealth, state or territory legislation, through specific instructions to preparers or ...