Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12A

  (1)   ASIC has the functions and powers that are conferred on it by or under Division   2 of Part   2 of this Act and by or under the following:

  (a)   the ASIC Supervisory Cost Recovery Levy Act 2017 ;

  (b)   the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 ;

  (ba)   the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 ;

  (c)   the Insurance Contracts Act 1984 ;

  (e)   the Life Insurance Act 1995 ;

  (f)   the Retirement Savings Accounts Act 1997 ;

  (g)   the Superannuation Industry (Supervision) Act 1993 ;

  (i)   the National Consumer Credit Protection Act 2009 ;

  (j)   the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 ;

  (k)   the Business Names Registration Act 2011 ;

  (l)   the Business Names Registration (Transitional and Consequential Provisions) Act 2011 ;

  (m)   the Financial Accountability Regime Act 2023 ;

  (n)   the Financial Accountability Regime (Consequential Amendments) Act 2023 .

  (2)   ASIC has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system.

  (3)   ASIC has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by:

  (a)   promoting the adoption of approved industry standards and codes of practice; and

  (b)   promoting the protection of consumer interests; and

  (c)   promoting community awareness of payments system issues; and

  (d)   promoting sound customer - banker relationships, including through:

  (i)   monitoring the operation of industry standards and codes of practice; and

  (ii)   monitoring compliance with such standards and codes.

  (4)   Subsections   (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth.

  (5)   ASIC may:

  (a)   advise the Minister about any changes to a law listed in subsection   (1) that ASIC thinks are needed to help overcome any problems that ASIC has encountered in the course of performing its functions or exercising any of its powers under that law; and

  (b)   advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections   (2) and (3).

  (6)   ASIC has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.