Trustee companies amendment legislation

The Assistant Treasurer has released an Exposure Draft of Schedule 1 of the Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Bill 2011.  The draft Bill relates to Chapter 5D of the Corporations Act 2001 which was established through the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.

The draft Bill is available for public comment for a very short time, owing to the need to introduce it in the Autumn 2011 sittings. Closing date for submissions is Thursday 10 February 2011.

The amendments include:

  • the establishment of a mechanism for the voluntary transfer of trustee company business from an existing entity to a licensed trustee company;
  • the creation of criteria to be considered by the Minister in considering an application for trustee company listing;
  • and changes to the operation of common funds and the drawing down, and imposition, of fees.

You can download the Exposure Draft and Explanatory Memorandum at http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1955

Philanthropy Australia will be providing a short response and welcomes any comment from Members by COB Monday 7 February 2011. Interested parties are also invited to comment on the discussion paper direct to Treasury.

Jan. 31, 2011

 Tags: government, general, advocacy

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