6. October 2010 12:00
As we mentioned yesterday, the Corporations Amendment (No 1) Bill was reintroduced into the House of Representatives on 29 September 2010 (read the second reading speech). In relation to the substance of the Bill - in short, it will amend the Corporations Act to change the way people access information kept on company registers.
The measures relating to access to registers will:
• Require persons seeking a copy of a register of members to apply to the company, stating the purpose for which they will use the register.
• Provide that where a register is maintained on a computer that it should be able to be inspected on a computer.
• Provide for the regulations to prescribe the formats in which a copy of the register can be provided.
The Bill also amends the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 and Telecommunications (Interception and Access) Act 1979 in relation to market offences and ASIC's powers to investigate offences.
• Increase the magnitude of criminal penalties that can be imposed for breaches of the insider trading and the market manipulation provisions in Pt 7.10 of the Corporations Act.
• Enable an interception agency, such as the Australian Federal Police to apply for telecommunications interception warrants in the course of a joint investigation into these offences.
• Enhance ASIC’s search warrant power, to enable ASIC to apply for a search warrant under the ASIC Act without first having to issue a notice to produce the material.
The Bill will also clarify criminal liability under s 1041B of the Corporations Act in accordance with the requirements of the Criminal Code Act 1995 (Criminal Code).