Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 272

  (1)   ASIC has the functions and powers expressed to be conferred on the NCSC by or under any Act, as in force immediately before the commencement, that was a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 as in force immediately before the commencement.

  (2)   ASIC also has the functions and powers expressed to be conferred on the NCSC by or under any law, as in force immediately before the commencement, of a State or the Northern Territory that corresponds to an Act that was a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 as in force immediately before the commencement. 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.