House of Assembly Fifty-Second Parliament, Second Session (52-2) 52 2 Parliament of South Australia House of Assembly published Bills Trustee Companies (Transfers) Amendment Bill TRUSTEE COMPANIES (TRANSFERS) AMENDMENT BILL Second Reading Second Reading Adjourned debate on second reading. (Continued from 17 October 2012.) Ms CHAPMAN House of Assembly Bragg Ms CHAPMAN (Bragg) (12:31): The Trustee Companies (Transfers) Amendment Bill 2012 and the second reading of it provided by the Attorney kept me awake last week when I was sitting in on a trust professional development session from the Law Society, which, as some members might know, is not exactly the juiciest of subject matter to keep one awake/active. It was one when I thought, 'I think we are actually dealing with something to do with trusts. I had better have a look at that bill.' Then I discovered that it really is a bill to tidy up some consequential effects of the Trustee Companies (Commonwealth Regulation) Amendment Act back in 2010. Essentially, having read through that material provided, the Liberal Party confirmed that it will support the amendment. It requires progress through the parliament if it is to have its protective effect from the end of December, I think, this year. We will be supporting it. I only have one question in respect of its effect and that is whether the Public Trustee is subject to the same obligations. My recollection, which is hazy, of the original debate on this national approach that we had is that the obligations, for example, in respect of having its financial services licence, etc., did cover public entities and that that would cover the Public Trustee. I did not have the opportunity to attend a briefing that was provided on this to ask that question, and so I am not sure what the answer is, but I would appreciate if the Attorney would advise whether in fact the original act does cover the Public Trustee, and in fact this amendment as well, as part of the trustee companies over which this bill is remedying a transitional issue. With that, I indicate we are supporting the bill. The Hon. J.R. RAU House of Assembly Enfield Deputy Premier Attorney-General Minister for Planning Minister for Business Services and Consumers The Hon. J.R. RAU (Enfield—Deputy Premier, Attorney-General, Minister for Planning, Minister for Business Services and Consumers) (12:34): In answer to the honourable member's question, I am advised that the PT in South Australia would only be brought under ASIC's regulation if the state, in effect, conceded that position or willed that position. But that is not necessarily a complete answer to the question because the state, independently of doing that, is also capable of making rules about the way the PT conducts itself. I guess, to put it another way, and I stand to be corrected by my advisers, the state could decide not to have ASIC regulating the PT but, nevertheless, itself regulate the PT in a similar way in respect of these matters. I am advised they are not the same and that there are differences, and I can arrange a briefing for the honourable member if she wishes to get those details. I do not wish to be misleading to the house or, obviously, the honourable member about the exact nature of those differences, but they are different and the ASIC regulation does not apply to the PT. Bill read a second time. Third Reading Third Reading The Hon. J.R. RAU House of Assembly Enfield Deputy Premier Attorney-General Minister for Planning Minister for Business Services and Consumers The Hon. J.R. RAU (Enfield—Deputy Premier, Attorney-General, Minister for Planning, Minister for Business Services and Consumers) (12:36): I move: That this bill be now read a third time. Bill read a third time and passed.