Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, with the consent of the Minister, enter into an agreement or arrangement with a State or Territory for the performance of functions or the exercise of powers by ASIC as an agent of the State or Territory.
(2) ASIC has such functions and powers as are referred to it in such an agreement or arrangement. However, ASIC is not under a duty to perform such functions or exercise such powers.
(3) ASIC is not subject to any directions of the Minister in relation to:
(a) entering into an agreement or arrangement under subsection (1); or
(b) performing functions or exercising powers referred to in subsection (2).