Corporations and Markets Advisory Committee
Section 1: Agency overview and resources
1.1 Strategic direction
The Corporations and Markets Advisory Committee (CAMAC) is constituted under Part 9 of the Australian Securities and Investments Commission Act 2001 (ASIC Act). Its functions, as reflected in paragraph 1(1)(c) and section 148 of the ASIC Act, are to provide informed and expert advice to the Government about corporate, financial product and financial market matters, on its own initiative or when requested by the Minister. CAMAC promotes a sound and effective regulatory environment through the provision of timely advice to the Minister about relevant policy and law design issues.
CAMAC's members are appointed by the Minister following consultation with State and Territory Governments. CAMAC is supported by specialist legal advice from its Legal Committee and by a full‑time executive located in Sydney.
In the 2008‑09 financial year, CAMAC will consider submissions and publish reports on the following references:
- shareholder claims against insolvent companies: implications of the Sons of Gwalia decision; and
- issues in external administration.
In 2008‑09, CAMAC will also publish a discussion paper on members' schemes of arrangement, inviting submissions for input to the review.
CAMAC will also respond to requests for advice from the Government and keep under consideration other areas that may be suitable for review.
1.2 Agency resource statement
The total appropriation and other resources for CAMAC in the 2008‑09 Budget is $1 million.
Table 1.1 shows the total resources from all origins for 2008‑09, including appropriations.
Table 1.1: Corporations and Markets Advisory Committee resource
statement — Budget estimates for 2008‑09 as at Budget May 2008
1. Appropriation Bill (No.1) 2008‑09.
2. Estimated adjusted balance carried forward from previous year for annual appropriations.
1.3 Budget measures
Table 1.2: Corporations and Markets Advisory Committee 2008‑09 Budget measures
CAMAC does not have any Budget measures for 2008‑09.
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