Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12AC

  (1)   This Division extends to the engaging in conduct outside Australia by:

  (a)   bodies corporate incorporated or carrying on business within Australia; or

  (b)   Australian citizens; or

  (c)   persons ordinarily resident within Australia.

  (2)   If a claim under section   12GF or 12GFA is made in a proceeding, a person may rely at a hearing in respect of that proceeding on conduct to which a provision of this Division extends because of subsection   (1) of this section only if the Minister consents in writing to the reliance.

  (3)   A person other than the Minister or ASIC may apply to the Court for an order under subsection   12GM(1) or (2) in a proceeding in respect of conduct to which a provision of this Division extends because of subsection   (1) of this section only if the Minister consents in writing to the application.

  (4)   The Minister must give a consent under subsection   (2) or (3) in respect of a proceeding unless, in the Minister's opinion:

  (a)   the law of the country in which the conduct concerned was engaged in required or specifically authorised the engaging in of the conduct; and

  (b)   it is not in the national interest to give the consent.