Page 1723 - Week 06 - Thursday, 19 May 1994
Thursday, 19 May 1994
MADAM SPEAKER (Ms McRae) took the chair at 10.30 am and read the prayer.
MR STEVENSON: Madam Speaker, I seek leave to present a petition from interstate petitioners.
MR STEVENSON: I present an out-of-order petition from 54 petitioners from Victoria requesting that the Assembly ban the sale, hire and distribution of X-rated videos from the ACT.
STAMP DUTIES AND TAXES (AMENDMENT) BILL 1994
MS FOLLETT (Chief Minister and Treasurer) (10.31): Madam Speaker, I present the Stamp Duties and Taxes (Amendment) Bill 1994.
Title read by Clerk.
MS FOLLETT: I move:
That this Bill be agreed to in principle.
This Bill introduces amendments to the Stamp Duties and Taxes Act 1987 to facilitate the transfer of shares on the Australian Stock Exchange electronically. The system developed by the ASX, in consultation with all States and Territories, is called CHESS, an acronym for the clearing house electronic subregister system. CHESS will be available to ASX member brokers and domestic custodians that satisfy ASX criteria.
In November 1989 the Australian Securities Commission took an initiative to establish a high-level clearing and settlement committee to coordinate reform of Australia's equities settlement system. The initiative was seen to be an important micro-economic reform in the national interest. In May 1990, the clearing and settlement steering committee agreed to the adoption of the CHESS proposal for the upgrading of equity settlement and transfer processing in Australia. Equity settlement in Australia is currently automated only to the extent of the ASX broker-to-broker settlement system, which has significant limitations.