Page 5283 - Week 14 - Thursday, 19 November 2009

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traditional trustee company services to be financial services for the purposes of the Corporations Act. They will provide that ASIC will regulate trustee companies in the provision of these traditional services. They will apply the consumer protection, licensing, conduct, disclosure, advice and dispute resolution provisions of the Corporations Act and the ASIC Act, as modified. They will regulate the fees that trustee companies may charge and how those fees are disclosed and they will prohibit a company that is not a trustee company from providing traditional trustee company services.

While the commonwealth changes will effectively displace existing ACT laws on trustee companies, amendments to the ACT laws to complement the changes are desirable. This JACS bill will effect a gradual repeal of most parts of the Trustee Companies Act 1947, consistent with the staggered commencement of the new commonwealth regime, to commence from 1 January 2010. The bill will also amend the definition of “trustee company”, for the purposes of territory law, consistently with the definition in the new commonwealth scheme.

Finally, the bill will amend the Security Industry Act 2003 to expand the current suitability criteria and prerequisites for applicants for an employee licence to work in the security industry. This amendment will expand the current suitability criteria to require applicants for an employee licence to obtain information about their workplace rights and responsibilities as an employee working in the security industry. This information will be provided by employee representatives of a registered organisation under the commonwealth Fair Work Act 2009. Armed with this information, employees will be in a better position to know their legal rights, as they relate to their entitlements under the Fair Work Act 2009, and their rights and responsibilities under the ACT Work Safety Act 2008, thereby promoting greater productivity and economic growth in the security industry. Mr Speaker, I commend the bill to the Assembly.

Debate (on motion by Mrs Dunne) adjourned to the next sitting.

Racing Amendment Bill 2009

Mr Barr, pursuant to notice, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.

Title read by Clerk.

MR BARR (Molonglo—Minister for Education and Training, Minister for Planning, Minister for Tourism, Sport and Recreation and Minister for Gaming and Racing) (10.55): I move:

That this bill be agreed to in principle.

Today I introduce the Racing Amendment Bill 2009. This bill introduces a race field product scheme which will provide a new source of revenue for the ACT racing clubs. The legislative backing will allow the clubs to charge for their own race field information. It is estimated to provide around $1.5 million per annum in aggregate for the three clubs. The revenue generated by the scheme will belong to the clubs. It is not

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