EXPLANATORY STATEMENT

Select Legislative Instrument 2007 No. 323

Issued by the authority of the Parliamentary Secretary to the Treasurer

Corporations Act 2001

Corporations Amendment Regulations 2007 (No. 11)

Subsection 1364(1) of the Corporations Act 2001 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed by regulations or necessary or convenient to be prescribed by such regulations for carrying out or giving effect to the Act.

The purpose of the amendments to the Regulations is to provide clarity to the law by updating references to the Stock Exchange of Newcastle Limited in the Corporations Regulations 2001 to reflect its recent change of name.  

In 2006 the Stock Exchange of Newcastle Limited changed its name to the National Stock Exchange Limited.  On 18 December 2006 the Parliamentary Secretary to the Treasurer issued an Australian market licence variation notice to reflect this change.

These Regulations replaced references to the Stock Exchange of Newcastle Limited with references to the National Stock Exchange Limited.

Under the Corporations Agreement 2002, the Commonwealth must consult with, and receive approval from, the Ministerial Council for Corporations before making amendments to certain provisions of the Principal Regulations.  The Council has approved these amendments and agreed to dispense with the period of public exposure given that the amendments are technical in nature.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.  The Regulations commenced on the day after they were registered on the Federal Register of Legislative Instruments.