Page 1095 - Week 03 - Thursday, 18 March 2010
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jurisdiction legislation applies to these issues. The judicial exchange program is intended to foster a beneficial exchange of information, ideas and skills between jurisdictions.
The bill also effects a COAG decision to establish a national system of trade measurement. The National Measurement Act was passed by the commonwealth parliament in December 2008. The transfer to the commonwealth of full responsibility for administration and enforcement of ACT trade measurement will be effective from 1 July 2010. This bill effects that transition by providing for the repeal of the following legislation: the Trade Measurement Act, the Trade Measurement (Administration) Act, the Trade Measurement (Measuring Instruments) Regulation 1991, the Trade Measurement (Miscellaneous) Regulation 1991, the Trade Measurement (Prepacked Articles) Regulation 1991, the Trade Measurement (Weighbridges) Regulation 1991, and the Magistrates Court (Trade Measurement Infringement Notices) Regulation 2002.
This is in addition to the amendments to the Fair Trading (Consumer Affairs) Act which introduce transitional provisions for trade measurement in relation to disciplinary actions, reviews, seized property, unpaid fees, search warrants and disclosure of information to facilitate a smooth handover from the ACT to the commonwealth. Although this will reduce duplication and promote consistency across Australia, its impact is unlikely to be felt directly by the person on the street.
The Road Transport (Mass, Dimensions and Loading) Act is also amended to update references to the new national scheme of trade measurement administration. This bill introduces further amendments to the Trustee Companies Act 1947. These amendments follow the introduction of amendments in the Justice and Community Safety Legislation Amendment Bill 2009 (No 4).
The previous amendments allowed for the gradual repeal of the ACT Trustee Companies Act following the COAG decision to transfer responsibility for the regulation of trustee companies to the commonwealth. This decision was reflected in the introduction of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009, which was passed in November 2009 and provided for staggered commencement to begin from 1 January 2010. As a result of that transfer to the commonwealth, the Australian Securities and Investments Commission was given particular powers under the commonwealth Corporations Act 2001.
This bill now amends the ACT Trustee Companies Act to enable ASIC to make a compulsory determination in relation to the transfer of estate assets from a trustee company whose licence has been cancelled under the commonwealth Corporations Act. To make that determination, ASIC must be satisfied that particular requirements contained in the Corporations Act have been enacted in the state or territory in which the companies are situated. This bill introduces amendments to meet these requirements.
The bill also amends the definition of “trustee company” to be consistent with the new commonwealth legislation. In addition, this bill contains a range of amendments to improve the operation of the existing law. I am pleased that this bill introduces
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