✦ Plain-English Summary

Corporations (Fees) Amendment (Hayne Royal Commission Response) 2020

What it does

This bill adds a new fee that financial companies must pay to ASIC (the financial regulator) when they apply for exemptions from financial laws. The fee applies whether they're asking for a new exemption, changing an existing one, or cancelling it.

Why it matters

It means ASIC can recover the cost of reviewing these exemption requests from the companies making them, rather than taxpayers footing the bill. This was recommended after the Hayne Royal Commission exposed widespread misconduct in banking and financial services.

Key details

• Who pays: The financial company or person submitting the exemption application
• When they pay: At the moment they lodge the application with ASIC
• When it starts: Once other related Hayne reforms kick in (specifically Schedule 3 of the Financial Sector Reform Act 2020) — the fee won't apply unless that happens
• The actual fee amount isn't in this bill; that's set separately by regulation

Official Description

Introduced with the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020, the bill amends the Corporations (Fees) Act 2001 to enable the Australian Securities and Investments Commission to charge a fee for an application by an entity to be exempted from the deferred sales model for add-on insurance products.

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.