The Government has released an exposure draft Bill and associated explanatory material to give effect to the 2014-15 Budget decision to abolish the Corporations and Markets Advisory Committee (CAMAC). The decision was made in the context of the broader Smaller and More Rational Government reforms to reduce the number of Australian Government bodies and streamline the shape of government.
The exposure draft Bill will abolish CAMAC by repealing Part 9 of the Australian Securities and Investments Commission Act 2001 (ASIC Act), which provides for the establishment, functions and operation of CAMAC.
The exposure draft Bill also makes a number of consequential amendments to the ASIC Act as a result of the repeal of Part 9 and provides for the transitional and saving arrangements that are necessary to reflect the cessation of the agency.
The proposed transitional and saving provisions deal with matters such as:
- continuing CAMAC’s assets and liabilities after cessation as if they belong to the Commonwealth;
- substituting the Commonwealth for CAMAC in relation to contracts and agreements, things done by CAMAC before its cessation, and legal proceedings on foot upon commencement of the Bill; and
- the transfer of records and continued protection of information.