Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf no penalty is specified for an offence:
(a) the offence is an offence of strict liability; and
(b) 20 penalty units is taken to be the penalty specified for the offence.
Australian Securities and Investments Commission Act 2001
No. 51, 2001
Compilation No. 101
Compilation date: 14 October 2024
Includes amendments: Act No. 38, 2024
This compilation is in 2 volumes
Endnotes
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Australian Securities and Investments Commission Act 2001 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 4--ASIC's business
Division 1--General
94 Arrangement of ASIC's business
95 ASIC to establish offices
96 Regional Commissioners
Division 2--Divisions of ASIC
97 ASIC may establish Division
98 Effect of direction establishing Division
99 ASIC may reconstitute Division
100 Effect of reconstituting Division
101 Multiple Divisions
Division 3--Delegation by ASIC
102 Delegation
Division 4--Meetings of ASIC
103 Times and places of meetings
105 Quorum
106 Who is to preside at meetings
107 Voting at meetings
107A Conduct of meetings
107B ASIC resolutions without meetings
Part 5--ASIC's members
Division 1--Terms and conditions
108 Term of office as member
109 Term of office as Chairperson or Deputy Chairperson
110 Resignation
111 Termination of appointment
112 Remuneration and allowances etc.
113 Leave of absence
114 Superannuation arrangements
115 Other terms and conditions
Division 2--Acting appointments
116 Acting members
117 Acting Chairperson
118 Acting Deputy Chairperson
119 Limitation on appointments to act during vacancy
Division 3--Delegation by members
119A Delegation by members
Part 6--ASIC's staff
120 Staff
121 Consultants etc.
122 Staff seconded to ASIC
122A Senior staff member determination
Part 6A--Giving information etc. to APRA
122B APRA may request information or documents
122C ASIC must comply with request
122D Information and documents covered by request
122E Notifying APRA of reasonable belief of material breach of APRA provisions
Part 7--Preventing conflicts of interest and misuse of information
Division 1--Disclosure of interests
123 Members to disclose certain interests to Minister
125 Notification of interests to ASIC
126 Defence
126A Chairperson to ensure adequate disclosure of interest requirements for ASIC staff members
126B ASIC Code of Conduct
126C ASIC Values
Division 2--Confidentiality
127 Confidentiality
Part 8--Finance and reporting requirements
Division 2--Reporting requirements
136 Annual reports
Division 3--Liability to taxation
137 Liability to taxation
Division 4--Transparency
138 Annual "dashboard" report about ASIC's regulatory costs
Part 9--Financial Services and Credit Panels
Division 1--ASIC to convene panels
139 ASIC to convene panels
Division 2--Panel members
140 Appointment of panel members
141 Minister may specify persons who are eligible to be appointed to panels
142 Disclosure of interests to ASIC
143 Remuneration
144 Resignation
145 Termination of appointment
146 Other terms and conditions
147 Application of finance law
Division 3--Decisions of panels
Subdivision A--Decisions of panels at meetings
148 Convening meetings
149 Presiding at meetings
150 Disclosure of interests to panels
151 Quorum
152 Voting at meetings
153 Participation in meetings etc.
154 Conduct of meetings
155 Minutes
Subdivision B--Decisions of panels without meetings
156 Decisions without meetings
Division 4--Panel hearings
Subdivision A--General
157 When hearings are to be held
158 Panels to take account of evidence and submissions
Subdivision B--Hearing procedures
159 Proceedings at hearings
159A Proceedings at hearings
160 Notice of hearings
161 Who may be present at hearings etc.
162 Appearance of affected persons at hearings
163 Affected persons may request hearings to be held in public
164 Representation at hearings
165 Power to require persons to appear and give evidence etc.
166 Allowances and expenses
167 Panels may restrict publication of certain material
Subdivision C--Offences
168 Contempt of panels
169 Giving false evidence
170 Failing to comply with certain requirements
171 Being present at hearings
171A Publication of restricted material
Subdivision D--Other matters
171B Reference to Court of question of law arising at hearing
171C Protection of panel members etc.
Division 5--Information given to panel members
171D Use and disclosure of information
Division 6--Enforceable undertakings
171E Variation, withdrawal and enforcement of undertakings given to Financial Services and Credit Panels
Division 7--Electronic communication
171F Electronic communication of documents
Part 10--The Takeovers Panel
Division 1--General
172 Membership
173 President
174 Functions and powers of Takeovers Panel
175 Term of office as member
176 Term of office as President
177 Resignation
178 Termination of appointment
179 Remuneration and allowances
180 Leave of absence
181 Other terms and conditions
182 Acting President
183 Annual report
Division 2--Conduct of Takeovers Panel's business
184 Constitution of Takeovers Panel in relation to particular matters
185 Disclosure of interests by members
186 Application of Division 2 of Part 7
Division 3--Takeovers Panel proceedings
187 Interpretation
188 Power to conduct proceedings
190 Takeovers Panel may restrict publication of certain material
192 Power to summon witnesses and take evidence
193 Quorum
194 Legal representation in proceedings before the Takeovers Panel
195 Procedure
197 Protection of members etc.
198 Non - compliance with requirements made under section 192
199 False evidence
200 Contempt of Takeovers Panel
201 Powers of Court where non - compliance with section 192
201A Undertakings to the Takeovers Panel
Part 11--Companies Auditors Disciplinary Board
Division 1--Constitution of Disciplinary Board
203 Membership of Disciplinary Board
204 Functions and powers of Disciplinary Board
205 Term of office
206 Resignation from office
207 Termination of appointment
208 Acting Chairperson
208A Acting Deputy Chairperson
210 Meetings of the Disciplinary Board
210A Panel to be constituted to deal with application
210B Meetings of Panel of the Disciplinary Board
211 Disclosure of interests
212 Remuneration and allowances
213 Confidentiality
214 Annual report
Division 2--Hearings by Disciplinary Board
215 Definition
216 Hearings
217 Power to summon witnesses and take evidence
218 Proceedings at hearings
218A Proceedings at hearings
219 Failure of witnesses to attend and answer questions
220 Contempt of Disciplinary Board
221 Protection of members etc.
222 Hearings taken to be judicial proceedings
223 Costs
Part 12--The Australian financial reporting system
224 Main objects of this Part
Division 1--The financial reporting system
Subdivision A--The Financial Reporting Council
225 Functions and powers of the Financial Reporting Council
225A Financial Reporting Council's information gathering powers
Subdivision B--The Australian Accounting Standards Board and the Office of the Australian Accounting Standards Board
226 The Office of the Australian Accounting Standards Board
226A Office of the AASB's functions and powers
227 AASB's functions and powers
Subdivision C--The Auditing and Assurance Standards Board and the Office of the Auditing and Assurance Standards Board
227AA The Office of the Auditing and Assurance Standards Board
227AB Office of the AUASB's functions and powers
227A The Auditing and Assurance Standards Board
227B AUASB's functions and powers
Division 2--Accounting standards and sustainability standards
227C Scope of this Division
228 Purposive interpretation of standards
229 Generic and specific standards
230 Comparative amounts
231 Cost/benefit analysis
232 FRC views
233 International accounting standards
234 Validity of standards
Division 2A--Auditing standards
234A Purposive interpretation of standards
234B Generic and specific standards
234C FRC views
234D International auditing standards
234E Validity of auditing standards
Division 3--Administrative provisions
Subdivision A--The Financial Reporting Council
235A Membership of FRC
235AA Terms and conditions of appointment of FRC members
235B Annual report
235C Procedure
Subdivision AA--The Office of the AASB
235D Duties of the Chair of the AASB
235E Staff of the Office of the AASB
235F Consultants and persons seconded to the Office of the AASB
235G Office of the AASB to have regard to FRC's advice etc.
235H Chair not subject to direction by the AASB on certain matters
Subdivision B--The Australian Accounting Standards Board
236A Procedures
236AA AASB to have regard to FRC's advice etc.
236B Appointment of members of the AASB
236BA Terms and conditions of appointment of members of the AASB
236C Resignation and termination of appointment
236D Acting appointments
236DA Disclosure of interests
Subdivision BAA--The Office of the AUASB
236DB Duties of the Chair of the AUASB
236DC Staff of the Office of the AUASB
236DD Consultants and persons seconded to the Office of the AUASB
236DE Office of the AUASB to have regard to FRC's advice etc.
236DF Chair not subject to direction by the AUASB on certain matters
Subdivision BA--The Auditing and Assurance Standards Board
236E Procedures
236EA AUASB to have regard to FRC's advice etc.
236F Appointment of members of the AUASB
236FA Terms and conditions of appointment of members of the AUASB
236G Resignation and termination of appointment
236H Acting appointments
236J Disclosure of interests
Subdivision C--Confidentiality
237 Confidentiality
Part 14--The Parliamentary Joint Committee on Corporations and Financial Services
241 Membership
242 Powers and proceedings
243 Duties
Part 15--Miscellaneous
243A Prosecutions for indictable offences against this Act
243B Offences committed partly in and partly out of the jurisdiction
243C ASIC may publish internal dispute resolution data
243D Financial transaction reports
243E Suspicious matters reports under the Anti - Money Laundering and Counter - Terrorism Financing Act 2006
243F Treat the corporate director of a CCIV as providing financial services etc. being provided by the CCIV
244 Review by Administrative Review Tribunal of certain decisions
244A Notice of reviewable decision and review rights
246 Liability for damages
247 Duplicate seals
248 Judicial notice of ASIC's seal and members' signatures
249 Validation of agreements to employ staff or engage consultants
250 Compensation for compulsory acquisition
251 The regulations
Part 16--Transition from the old ASIC legislation
Division 1--Preliminary
253 Object of Part
254 Definitions
255 Relationship of Part with State validation Acts
256 References to things taken or deemed to be the case etc.
257 Existence of several versions of the old ASIC legislation does not result in this Part operating to take the same thing to be done several times under the new ASIC legislation etc.
258 Penalty units in respect of pre - commencement conduct remain at $100
259 Ceasing to be a referring State does not affect previous operation of this Part
Division 2--Carrying over bodies established etc. or persons appointed under the old ASIC Act
260 Division has effect subject to Division 7 regulations
261 Carrying over bodies established under the old ASIC Act
262 Carrying over the Chairman and Deputy Chairman of the Financial Reporting Council
Division 3--Carrying over the old ASIC Regulations
263 Division has effect subject to Division 7 regulations
264 Old ASIC Regulations continue to have effect
Division 4--Court proceedings and orders
265 Division has effect subject to Division 7 regulations
266 Definitions
267 Treatment of court proceedings under or related to the old ASIC legislation--proceedings other than federal ASIC proceedings
268 Treatment of court proceedings under or related to the old ASIC legislation--federal ASIC proceedings
268A Appeals etc. in relation to some former federal corporations proceedings
268B Effect of decisions and orders made in federal corporations proceedings before commencement
269 References to proceedings and orders in the new ASIC legislation
Division 5--Functions and powers of ASIC
270 Division has effect subject to Division 7 regulations
271 Non - federal proceedings etc.
272 NCSC's functions and powers
Division 6--General transitional provisions relating to other things done etc. under the old ASIC legislation
273 Provisions in this Division have effect subject to the other Divisions
274 Provisions of this Division may have an overlapping effect
275 Things done by etc. carried over provisions continue to have effect
276 Creation of equivalent rights and liabilities to those that existed before the commencement under carried over provisions of the old ASIC legislation
277 Creation of equivalent rights and liabilities to those that existed before the commencement under repealed provisions of the old ASIC legislation
278 Old ASIC legislation time limits continue to run
279 Preservation of significance etc. of events or circumstances
280 References in the new ASIC legislation generally include references to events, circumstances or things that happened or arose before the commencement
281 References in the new ASIC legislation to that legislation or the new corporations legislation generally include references to corresponding provisions of the old ASIC legislation or old corporations legislation
282 Carrying over references to corresponding previous laws or relevant previous laws
283 References to ASIC legislation in instruments
284 Old transitional provisions continue to have their effect
Division 7--Regulations dealing with transitional matters
285 Regulations may deal with transitional matters
Part 17--Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
285A Definitions
286 Application of new subsection 225A(5)
287 Application of Part 8 of Schedule 1 to the amending Act
288 Application of Schedule 3 to the amending Act
Part 18--Transitional provisions relating to the Corporations Amendment (Corporate Reporting Reform) Act 2010
289 Definitions
290 Application of Companies Auditors and Liquidators Disciplinary Board amendments
291 Application of pre - hearing conference amendments
Part 19--Transitional provisions relating to the Corporations Legislation Amendment (Audit Enhancement) Act 2012
292 Definitions
293 Amendments made by Part 1 of Schedule 2--final report on auditor independence functions
294 Application of amendments made by Parts 2 and 3 of Schedule 2
Part 20--Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014
295 Definition
296 Transitional--carbon units issued before the designated carbon unit day
Part 21--Transitional provisions relating to the Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2015
297 Definitions
298 FRC members
299 AASB members
300 AUASB members
Part 22--Application provision relating to the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015
301 Application
Part 23--Transitional provisions relating to the Insolvency Law Reform Act 2016
302 Definitions
303 General powers of investigation continue to apply to failure to comply with duties before the commencement day
304 Notice to registered liquidators concerning information and books--requirements before the commencement day
305 ASIC may give information and books relating to pre - commencement activity
306 Information to be included in ASIC's annual report
307 Appointments to the Companies Auditors Disciplinary Board
Part 24--Application provision relating to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017
308 Application
Part 25--Transitional provisions relating to the Treasury Laws Amendment (Enhancing ASIC's Capabilities) Act 2018
309 Definitions
310 Staff members engaged under former subsection 120(3)
311 APS employees in ASIC
312 ASIC Enterprise Agreement
313 Variation of terms and conditions of employment
Part 26--Transitional provisions relating to the Treasury Laws Amendment (ASIC Governance) Act 2018
314A Saving of appointments
Part 26A--Application provisions relating to the Treasury Laws Amendment (Australian Consumer Law Review) Act 2018
315 Application--listed public companies
316 Application--power to obtain information, documents and evidence in relation to unfair contract terms
317 Application--consumer protection
318 Application--financial products
Part 27--Application and transitional provisions relating to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019
320 Definitions
321 Application--offences
322 Application--civil penalty provisions
323 Application--infringement notices
Part 28--Transitional provisions relating to the Financial Sector Reform (Hayne Royal Commission Response--Stronger Regulators (2019 Measures)) Act 2020
324 Application of amendments--search warrant provisions
Part 29--Application provisions relating to Schedule 12 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020
325 Definitions
326 Application
Part 29A--Application provisions relating to the Financial Sector Reform (Hayne Royal Commission Response--Protecting Consumers (2019 Measures)) Act 2020
326A Application--unfair contract terms
Part 30--Application provisions relating to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020
327 Application--amounts of pecuniary penalties
328 Application--authorised disclosure to monitoring body
Part 31--Application and transitional provisions relating to Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020
329 Application--deferred sales model for add - on insurance
Part 32--Application and transitional provisions relating to Schedule 4 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020
330 Application--caps on commissions
Part 33--Transitional provision relating to the Treasury Laws Amendment (2020 Measures No. 6) Act 2020
331 Transitional--directions by Minister
Part 34--Application provision relating to Schedule 1 to the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Act 2021
333 Application--confidentiality
Part 36--Application provision relating to the Treasury Laws Amendment (2021 Measures No. 5) Act 2021
336 Application--reports of liquidators
Part 37--Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
337 Definitions
338 Validation of acts or things done during interim period
339 Application of item 102 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
Part 38--Transitional provisions relating to the Financial Accountability Regime (Consequential Amendments) Act 2023
340 Application--confidentiality
341 Information to be included in ASIC's annual report
Part 39--Application provisions relating to the Treasury Laws Amendment (More Competition, Better Prices) Act 2022
342 Amendments relating to unfair contract terms
343 Application of sections 12BLA and 12BLB
Part 40--Application and transitional provisions relating to the ALRC Financial Services Interim Reports
Division 1--Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023
344 Definitions
344A Translation of references in instruments
Division 2--Schedules 1 and 2 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023
344B Definitions
344C Translation of references in instruments
344D Calculation of time
Part 41--Application provision relating to Schedule 6 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023
345 Application--hearings held by a Panel of the Disciplinary Board
346 Application--claims handling and settling services
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history