Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC has such functions and powers as are conferred on it by or under the corporations legislation (other than the excluded provisions).
(2) ASIC also has the following functions:
(a) to provide such staff and support facilities to the Takeovers Panel, the Disciplinary Board and the Review Board as are necessary or desirable for the performance and exercise by the Takeovers Panel, the Disciplinary Board and the Review Board of their respective functions and powers;
(aa) to provide such staff and support facilities to Financial Services and Credit Panels as are necessary or desirable for the performance and exercise by the panels of their functions and powers;
(b) to advise the Minister about any changes to the corporations legislation (other than the excluded provisions) that, in ASIC's opinion, are needed to overcome, or would assist in overcoming, any problems that ASIC has encountered in the course of performing or exercising any of its functions and powers.
(3) ASIC may, on its own initiative or when requested by the Minister, advise the Minister, and make to the Minister such recommendations as it thinks fit, about any matter connected with:
(a) a proposal to make corporations legislation, or to make amendments of the corporations legislation (other than the excluded provisions); or
(b) the operation or administration of the corporations legislation (other than the excluded provisions); or
(c) law reform in relation to the corporations legislation (other than the excluded provisions); or
(d) companies or a segment of the financial products and financial services industry; or
(e) a proposal for improving the efficiency of the financial markets.
(4) ASIC has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.
(6) Subject to this Act, ASIC has the general administration of this Act.
(8) ASIC may, with the consent of the Minister, enter into an agreement or arrangement with a State or Territory for the performance of functions or the exercise of powers by ASIC as an agent of the State or Territory.
(9) ASIC has such functions and powers as are referred to in such an agreement or arrangement. However, ASIC is not under a duty to perform such functions or exercise such powers.
(9A) ASIC may have functions or powers conferred on it by or under a law of a State or Territory if:
(a) that law provides for, or relates to, the repeal, amendment or termination (however described) of the operation of, any of the replaced legislation within the meaning of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 ; and
(b) the conferral of the powers or functions is in accordance with:
(i) provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or
(ii) an approval given by the Minister for the purposes of this subsection.
ASIC has the functions and powers so conferred by that law. However, ASIC is not under a duty to perform such functions or exercise such powers.
(10) ASIC may, with the written consent of the Minister, enter into an agreement or arrangement with a regulatory body of a foreign country under which ASIC undertakes to assist that regulatory body to ascertain whether Australian auditors comply with audit requirements that are:
(a) imposed by or under laws of that foreign country; or
(b) adopted as professional standards in that foreign country.
(11) The Minister may, in writing, vary or revoke the Minister's consent mentioned in subsection (10).
(12) If ASIC enters into an agreement or arrangement with a regulatory body under subsection (10), it must, as soon as practicable after entering into that agreement or arrangement, by notice published in the Gazette :
(a) set out the identifying particulars of the regulatory body; and
(b) give brief particulars of the agreement or arrangement entered into; and
(c) identify the audit requirements to which the agreement or arrangement relates.
(13) A notice published under subsection (12) is not a legislative instrument.
(14) ASIC has the following functions:
(a) to assist a regulatory body with which it has entered into an agreement or arrangement under subsection (10) to examine the policies and working practices of an Australian auditor, so as to help the regulatory body to ascertain compliance with audit requirements to which the agreement or arrangement relates;
(b) to disclose to a regulatory body with which it has entered into an agreement or arrangement under subsection (10) the information that ASIC has obtained in assisting in such an examination.
(15) In performing the function referred to in paragraph (14)(a), ASIC may examine policies and working practices of an auditor in general or in their application to particular audits or in both of those respects.
(16) ASIC is not under a duty to perform a function referred to in subsection (14) or to exercise a power in relation to such a function.
(16A) ASIC has the functions and powers of a home regulator or a host regulator for a passport fund under the Memorandum of Cooperation. However, ASIC is not under a duty to perform such functions or exercise such powers.
(17) ASIC is not subject to any directions of the Minister in relation to:
(a) entering into an agreement or arrangement under subsection (8) or (10); or
(b) performing functions or exercising powers referred to in subsection (9); or
(c) performing functions conferred under subsection (9A), (14) or (16A) or exercising any related powers.