Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC has the functions and powers in relation to a non - federal proceeding that are expressed to be conferred on it by or under a law of the Commonwealth or the Northern Territory.
(2) ASIC also has the functions and powers in relation to a non - federal proceeding that are expressed to be conferred on it by or under a law of a State in this jurisdiction. However, ASIC:
(a) is not subject to any directions in the performance of such functions or the exercise of such powers; and
(b) is not under a duty to perform such functions or exercise such powers.
(3) If a Minister of a State or Territory appoints a person to bring or continue a non - federal proceeding in the State or Territory, ASIC may give the person any information and documents that ASIC has in relation to the proceeding.
(4) In this section:
"appeal or review proceeding" has the same meaning as in section 266.
"enforcement proceeding" has the same meaning as in section 266.
"non-federal proceeding" means:
(a) a proceeding in relation to which paragraphs 267(1)(a), (b) and (d) are satisfied but paragraph 267(1)(e) is not satisfied; or
(aa) a proceeding in relation to which paragraphs 1383(1)(a), (b) and (d) of the Corporations Act 2001 are satisfied but paragraph 1383(1)(e) of that Act is not satisfied;
(b) an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made before the commencement in relation to a proceeding that was:
(i) under a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or
(ia) under a provision of the old corporations legislation of a State or Territory in this jurisdiction; or
(ii) brought as, or connected with, a prosecution for an offence against a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or
(iii) brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation of a State or Territory in this jurisdiction; or
(c) an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made after the commencement in relation to a proceeding referred to in paragraph (a) or (aa).