Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12

  (1)   The Minister may, by legislative instrument, give ASIC a direction about policies it should pursue, or priorities it should follow, in performing or exercising any of its functions or powers under the corporations legislation (other than the excluded provisions).

  (2)   The Minister must not give a direction under subsection   (1) unless he or she has:

  (a)   notified ASIC in writing that he or she is considering giving the direction; and

  (b)   given the Chairperson an adequate opportunity to discuss with the Minister the need for the proposed direction.

  (3)   The Minister must not give a direction under subsection   (1) about a particular case.

  (4)   ASIC must comply with a direction under subsection   (1).