Commonwealth Consolidated Acts Commonwealth Consolidated ActsContent of annual report
(1) The report prepared by the Chairperson and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:
(a) information about the exercise during the period of ASIC's powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993 ;
(b) information about ASIC's monitoring and promotion of market integrity and consumer protection in relation to:
(i) the Australian financial system; and
(ii) the provision of financial services;
(c) in relation to ASIC's functions under subsection 11(14), in relation to each agreement or arrangement entered into by ASIC under that subsection, information about the activities that ASIC has undertaken during the period in accordance with that agreement or arrangement;
(ca) information about the activities that ASIC has undertaken during the period in exercise of its powers, and performance of its functions, under Chapter 5 of, or Schedule 2 to, the Corporations Act and any provisions of that Act that relate to that Chapter or Schedule;
(cb) information about any instances during the period where ASIC failed to consult as required by section 1023F of the Corporations Act 2001 or section 301F of the National Consumer Credit Protection Act 2009 ;
(d) information about the operation of the Business Names Registration Act 2011 including:
(i) details of the level of access to the Business Names Register using the internet and other facilities; and
(ii) the timeliness with which ASIC carries out its duties, functions and powers under the Act; and
(iii) the cost of registration of a business name under the Act;
(da) information about the following:
(i) the activities (if any) that have been undertaken by each Financial Services and Credit Panel during the period;
(ii) the exams (if any) that have been administered by ASIC under subsection 921B(3) of the Corporations Act during the period;
(iii) the warnings (if any) and reprimands (if any) given by ASIC to relevant providers under section 921S of the Corporations Act during the period;
(iv) if, during the period, ASIC decided not to follow a recommendation in a notice given to ASIC under subsection 921Q(1) of the Corporations Act (recommendations to ASIC in relation to restricted civil penalty provisions)--the recommendation and the reasons why ASIC decided not to follow it;
(db) information about investigations (including joint investigations) conducted by ASIC under Division 1 of Part 4 of Chapter 3 of the Financial Accountability Regime Act 2023 during the period;
(e) information required to be included in the report by regulations under subsection (2A).
Note: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.
(2A) The regulations may require a report under subsection (1) to include prescribed information relating to the exercise, by ASIC, members of ASIC, or staff members, of prescribed information gathering powers. For this purpose, information gathering powers includes (but is not limited to) powers to require:
(a) the provision of information (however described, including by answering questions or giving evidence); or
(b) the production of documents; or
(c) the provision of assistance.
Note: The information gathering powers that are prescribed may be powers conferred by this Act, or by other laws.
(3) Paragraph (1)(db) does not authorise the inclusion in the annual report of information with respect to the affairs of a particular person.
Annual report to be sent to the Attorney - General of each State and Territory
(4) The Minister must cause a copy of each annual report to be sent to the Attorney - General of each State and Territory as soon as practical after the Minister receives the report.