Commonwealth Consolidated Acts Commonwealth Consolidated Acts1 Guide to this Schedule
This Schedule deals with the transition from the regime provided for in the old Credit Codes of the referring States and the Territories to the new regime provided for in the National Credit Act (including the new Credit Code) and Schedule 2 to this Act.
Regulations made under section 6 may also deal with that transition. Those regulations may provide for matters in addition to those provided in this Schedule and they may modify how this Schedule applies.
Part 2 -- Transition from the old Credit Codes to the new Credit Code
Division 1--Object of this Part
2 Object of this Part
(1) The object of this Part is to provide for a smooth transition from the regime provided for in the old Credit Code of a referring State or a Territory to the regime provided for in the new Credit Code, so that natural persons, bodies corporate and other bodies are, to the greatest extent possible, put in the same position immediately after commencement as they would have been if:
(a) that old Credit Code had, from time to time when it was in force, been valid Commonwealth legislation applying in that State or Territory; and
(b) the new Credit Code (to the extent it contains provisions that correspond to provisions of the old Credit Code as in force immediately before commencement) were a continuation of that old Credit Code as so applying.
Note: The new Credit Code contains provisions that correspond to many of the provisions of the old Credit Code.
(2) In resolving any ambiguity as to the meaning of any of the other provisions of this Part, an interpretation that is consistent with the object of this Part is to be preferred to an interpretation that is not consistent with that object.
Division 1A--Application of the new Credit Code
2A Application of the new Credit Code
(1) The new Credit Code applies from commencement.
Note: The new Credit Code does not apply before commencement. It also does not apply in relation to contracts or other instruments that were made before commencement, unless they are carried over instruments (see item 3).
(2) Subitem (1) is subject to subitem 3(2).
Division 2--Treatment of contracts or other instruments made before commencement
3 Application of the new Credit Code to contracts or other instruments made before commencement
(1) The new Credit Code does not apply in relation to a contract or other instrument that was made before commencement.
(2) Despite subitem (1), the new Credit Code applies in relation to a carried over instrument.
(3) Despite subitem (2), sections 5, 13 and 172 of the new Credit Code do not apply in relation to a carried over instrument. Instead, sections 6, 11 and 150 of the old Credit Code of a referring State or a Territory, as in force immediately before commencement, apply from commencement in relation to a carried over instrument as if those provisions respectively were sections 5, 13 and 172 of the new Credit Code.
(4) Despite subitem (2), subsections 6(2) and 50(2), (3), (4), (5) and (8) of the new Credit Code do not apply in relation to a carried over instrument.
(5) Despite subitem (2), subsection 72(5) of the new Credit Code does not apply in relation to a carried over instrument. Instead, the following provision applies from commencement in relation to a carried over instrument as if the provision were subsection 72(5) of the new Credit Code:
Application
(5) This section and sections 73 to 75 do not apply to a credit contract under which the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the amount of the average loan size for the purchase of new dwellings in New South Wales as set out in the Table of Housing Finance Commitments in the most recent publication entitled Housing Finance, Australia , as published from time to time by the Australian Bureau of Statistics.
(6) Despite subitem (2), subsection 94(4) of the new Credit Code does not apply in relation to a carried over instrument. Instead, the following provision applies from commencement in relation to a carried over instrument as if the provision were subsection 94(4) of the new Credit Code:
(4) This Division does not apply to a credit contract in respect of which the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the amount of the average loan size for the purchase of new dwellings in New South Wales as set out in the Table of Housing Finance Commitments in the most recent publication entitled Housing Finance, Australia , as published from time to time by the Australian Bureau of Statistics.
Division 3--Treatment of court and tribunal proceedings and orders
4 Treatment of proceedings brought in a court under the old Credit Code before commencement
(1) This item applies to proceedings (the old proceedings ) in relation to which the following paragraphs are satisfied:
(a) the proceedings were brought in a court before commencement in relation to a carried over instrument;
(b) the proceedings were brought in relation to a provision (the old provision ) of the old Credit Code of a referring State or a Territory;
(c) the proceedings were not enforcement proceedings, or appeal or review proceedings, in relation to an order of a court;
(d) the proceedings had not been concluded or terminated before commencement;
(e) either:
(i) if the proceedings are primary proceedings--no final determination of any of the existing rights or liabilities at issue in the proceedings had been made before commencement; or
(ii) if the proceedings are interlocutory proceedings--this item applies to the primary proceedings to which the interlocutory proceedings relate.
Note: This item does not apply to proceedings in a tribunal that were brought under the old Credit Code before commencement. For proceedings in a tribunal, see item 6.
(2) Proceedings (the new proceedings ) equivalent to the old proceedings are, on commencement, taken to have been brought in the same court, exercising federal jurisdiction under the provision of the new Credit Code that corresponds to the old provision.
Note: This means that the new proceedings will stay in the same court as the old proceedings, but the court will now be exercising federal jurisdiction for the new proceedings.
(3) To the extent that the old proceedings, before commencement, related to old rights or liabilities, the new proceedings relate to the substituted rights and liabilities in relation to those old rights or liabilities.
Note 1: See items 11 and 12 for the creation of substituted rights and liabilities.
Note 2: In all cases, there will be a provision of the new Credit Code that corresponds to the relevant old provision, either because the new Credit Code actually contains a provision that corresponds to the relevant old provision or because the new Credit Code, because of item 12, is taken to include the relevant old provision.
(4) The following provisions apply in relation to the new proceeding:
(a) the parties to the new proceedings are the same as the parties to the old proceedings;
(b) subject to subitems (5) and (6) and to any order to the contrary made by the court, the court must deal with the new proceedings as if the steps that had been taken for the purposes of the old proceedings before commencement had been taken for the purposes of the new proceedings.
(5) If:
(a) an interlocutory order was made before commencement for the purpose of, or in relation to, the old proceedings; and
(b) that interlocutory order was in force immediately before commencement;
the rights and liabilities of all persons (including rights and liabilities arising wholly or partly because of conduct occurring before commencement) are taken to be, for all purposes, the same as if the interlocutory order had instead been made by the same court, in the exercise of federal jurisdiction, for the purpose of, or in relation to, the new proceedings.
(6) The court may make orders doing all or any of the following:
(a) cancelling or varying rights or liabilities that a person has because of subitem (5);
(b) substituting other rights or liabilities for rights or liabilities a person has because of subitem (5);
(c) adding rights or liabilities to the rights or liabilities a person has because of subitem (5);
(d) enforcing, or otherwise dealing with conduct contrary to, a right or liability a person has because of subitem (5) in the same way as it could enforce, or deal with, the right, liability or conduct if the right or liability had arisen under or because of an order made by the court in the exercise of federal jurisdiction under the new Credit Code.
5 References to court proceedings and orders in the new Credit Code
(1) A reference in the new Credit Code to the bringing of proceedings, or the taking of a step in proceedings, in a court under or in relation to a provision of the new Credit Code includes a reference to the bringing of proceedings, or the taking of the equivalent step in proceedings, in a court before commencement, in relation to a carried over instrument, under or in relation to the corresponding provision of the old Credit Code of a referring State or a Territory.
Note: This subitem only relates to proceedings in a court (not proceedings in a tribunal). For proceedings in a tribunal, see item 6.
(2) A reference in the new Credit Code to an order made by a court under or in relation to a provision of the new Credit Code includes a reference to an order made by a court before commencement, in relation to a carried over instrument, under or in relation to the corresponding provision of the old Credit Code of a referring State or a Territory.
Note: This subitem only relates to orders of a court (not orders of a tribunal). For orders of a tribunal, see item 6.
(3) Nothing in subitem (2) is taken to produce a result that would:
(a) make a person liable, under the new Credit Code, to any penalty (whether civil or criminal) provided for in an order referred to in subitem (2); or
(b) enable enforcement proceedings, or appeal or review proceedings, in relation to such an order to be taken in a court under the new Credit Code; or
(c) enable proceedings by way of appeal, or other review, of such an order to be taken in a court under the new Credit Code.
(4) If, after commencement, an order referred to in subitem (2) is varied or set aside on appeal or review, subitem (2) applies, or is taken to have applied, from the time from which the variation or setting aside takes or took effect, as if:
(a) if the order is varied--the order had been made as so varied; or
(b) if the order is set aside--the order had not been made.
(5) Despite, subitems (1) and (2), the regulations may provide that subitem (1) or (2) does not apply in relation to a particular reference or class of references in the new Credit Code.
6 Treatment of tribunal proceedings and orders under the old Credit Code before or after commencement
(1) The new Credit Code does not apply in relation to:
(a) proceedings that are brought in a tribunal under the old Credit Code of a referring State or a Territory before or after commencement; or
(b) orders that are made by a tribunal under the old Credit Code of a referring State or a Territory before or after commencement; or
(c) rights or liabilities arising in relation to proceedings that are brought in, or orders that are made by, a tribunal under the old Credit Code of a referring State or a Territory before or after commencement.
(2) This Act and the National Credit Act are not intended to exclude or limit the operation of a law of a referring State or a Territory relating to:
(a) proceedings that are brought in a tribunal under the old Credit Code of a referring State or a Territory before or after commencement; or
(b) orders that are made by a tribunal under the old Credit Code of a referring State or a Territory before or after commencement; or
(c) rights or liabilities arising in relation to proceedings that are brought in, or orders that are made by, a tribunal under the old Credit Code of a referring State or a Territory before or after commencement.
For the purpose of this Part, if interlocutory proceedings (the first proceedings ) relate to other interlocutory proceedings (the second proceedings ), the first proceedings are taken to relate also to the primary proceedings to which the second proceedings relate.
Division 4--General transitional provisions relating to other things done etc. under the old Credit Code
8 Limitations on scope of this Division
(1) This Division has effect subject to Divisions 2 and 3 (which deal with matters in more specific terms).
(2) This Division does not apply in relation to:
(aa) a contract or other instrument that is not a carried over instrument; or
(a) an order made by a court or tribunal before commencement; or
(b) a right or liability under an order made by a court or tribunal before commencement; or
(c) proceedings brought (including appeal, review or enforcement proceedings) in a court or tribunal before commencement, or a step in such proceedings; or
(d) a right to:
(i) appeal to a court or tribunal against an order made by a court or tribunal before commencement; or
(ii) apply to a court or tribunal for review of such an order; or
(iii) bring appeal or review proceedings, or enforcement proceedings, in relation to such an order.
Note: Division 3 deals with orders and proceedings made or begun in courts or tribunals before commencement, and with related matters.
(3) Despite paragraph (2)(c), items 11 and 12 apply to any right or liability to which proceedings to which item 4 applies relate.
(4) Except as mentioned in subitems (1) to (3), Divisions 2 and 3, and regulations made under section 6, do not limit this Division.
9 Provisions of this Division may have an overlapping effect
(1) This Division deals at a broad level with concepts and matters in a way that is intended to achieve the object of this Part as set out in item 2.
(2) Some of the provisions of this Division will (depending on the situation) have an effect that overlaps or interacts to some extent with the effect of other provisions of this Division. This is intended, and the provisions of this Division should be not be regarded as dealing with mutually exclusive situations.
10 Things done by or under carried over provisions continue to have effect
(1) A thing that:
(a) was done before commencement by, under, or for the purposes of, a carried over provision of the old Credit Code of a referring State or a Territory; and
(b) had an ongoing significance (see subitems (3) and (4)) immediately before commencement for the purposes of that Code;
has effect (and may be dealt with) after commencement, for the purposes of the new Credit Code, as if it were done by, under, or for the purposes of, the corresponding provision of the new Credit Code.
Note: This item does not apply in relation to things done before commencement that relate to court or tribunal orders or proceedings: see subitem 8(2).
(2) Without limiting subitem (1), examples of things done include:
(a) the making of an instrument or order (but not including the making of an order by a court or tribunal); and
(b) the making of an application or claim (but not including the making of an application or claim to a court or tribunal); and
(c) the granting of an application or claim (but not including the granting of an application or claim by a court or tribunal); and
(d) the making of an appointment or delegation; and
(e) the commencement of a procedure or the taking of a step in a procedure (but not including the bringing of proceedings in a court or tribunal); and
(f) requiring a person to do, or not to do, something (but not including a requirement contained in an order made by a court or tribunal); and
(g) the giving of a notice or document.
(3) A thing done by, under, or for the purposes of, a carried over provision of the old Credit Code of a referring State or a Territory had an ongoing significance immediately before commencement for the purposes of that Code if:
(a) if the thing done was the making of an instrument or order--the instrument or order was still in force immediately before commencement; or
(b) if the thing done was the making of an application or claim--the application or claim had not been decided, and had not otherwise ceased to have effect, before commencement; or
(c) if the thing done was the granting of an application or claim--the thing granted had not been revoked, and had not otherwise ceased to have effect, before commencement; or
(d) if the thing done was the making of an appointment or delegation--the appointment or delegation had not been revoked, and had not otherwise ceased to have effect, before commencement; or
(e) if the thing done was the commencement of a procedure or the taking of a step in a procedure--the procedure was still in progress immediately before commencement or was otherwise still having an effect; or
(f) if the thing done was requiring a person to do, or not to do something--the requirement was still in force immediately before commencement; or
(g) if the thing done was the giving of a notice or document, or the doing of some other thing--the notice or document (or the giving of the notice or document), or the thing (or the doing of the thing), had an ongoing effect or significance immediately before commencement for the purposes of the old Credit Code of the State or Territory.
(4) Despite subitem (3), the regulations may provide that a specified thing done under, or for the purposes of, a carried over provision of the old Credit Code of a referring State or a Territory did, or did not, have an ongoing significance immediately before commencement for the purposes of that Code.
11 Creation of equivalent rights and liabilities to those that existed before commencement under carried over provisions of the old Credit Code
(1) This item applies in relation to a right or liability (the old right or liability ), whether civil or criminal, that:
(a) was acquired, accrued or incurred under a carried over provision of the old Credit Code of a referring State or a Territory; and
(b) was in existence immediately before commencement.
Note: This item does not apply in relation to a right or liability under orders made by a court or tribunal before commencement: see subitem 8(2).
(2) On commencement, the person acquires, accrues or incurs a right or liability (the substituted right or liability ), equivalent to the old right or liability, under the corresponding provision of the new Credit Code, as if that provision applied to the conduct or circumstances that gave rise to the old right or liability.
Note: If a time limit applied in relation to the old right or liability under the old Credit Code, that same time limit (calculated from the same starting point) will apply under the new Credit Code to the substituted right or liability: see subitem 13(3).
(3) A procedure, proceeding or remedy in relation to the substituted right or liability may be brought after commencement under the new Credit Code, as if that provision applied to the conduct or circumstances that gave rise to the old right or liability.
Note: For pre - commencement proceedings in relation to substituted rights and liabilities, see item 4.
12 Creation of equivalent rights and liabilities to those that existed before commencement under repealed provisions of the old Credit Code
(1) This item applies in relation to a right or liability (the old right or liability ), whether civil or criminal, that:
(a) was acquired, accrued or incurred under a provision of the old Credit Code of a referring State or a Territory that was no longer in force immediately before commencement; and
(b) was in existence immediately before commencement.
Note: This item does not apply in relation to a right or liability under orders made by a court or tribunal before commencement: see subitem 8(2).
(2) For the purposes of subitems (3) and (4), the new Credit Code is taken to include:
(a) the provision of the old Credit Code (with such modifications (if any) as are necessary) under which the old right or liability was acquired, accrued or incurred; and
(b) the other provisions of the old Credit Code (with such modifications (if any) as are necessary) that applied in relation to the old right or liability;
other than to the extent that the provision relates to proceedings in, or orders of, a tribunal.
(3) On commencement, the person acquires, accrues or incurs a right or liability (the substituted right or liability ), equivalent to the old right or liability, under the provision taken to be included in the new Credit Code by paragraph (2)(a), as if that provision applied to the conduct or circumstances that gave rise to the old right or liability.
Note: If a time limit applied in relation to the old right or liability under the old Credit Code, that same time limit (calculated from the same starting point) will apply under the new Credit Code to the substituted right or liability: see subitem 13(3).
(4) A procedure, proceeding or remedy in relation to the substituted right or liability may be instituted after commencement under the provisions taken to be included in the new Credit Code by subitem (2), as if those provisions applied to the conduct or circumstances that gave rise to the old right or liability.
Note: For pre - commencement proceedings in relation to substituted rights and liabilities, see item 4.
13 Old Credit Code time limits etc.
(1) An old Credit Code time limit (see subitem (2)):
(a) the starting point of which:
(i) was known or had been determined before commencement (whether that starting point occurred or would occur before, on or after commencement); or
(ii) would have become known, or have been determined, after commencement if the old Credit Code of the referring State or the Territory had continued to apply (whether that starting point would have occurred before, on or after commencement); and
(b) that had not ended at or before commencement;
continues to run, or starts or started to run, as if that same time limit (starting from the same starting point) were applicable under the new Credit Code.
(2) An old Credit Code time limit includes:
(a) a period for the doing of a thing specified or determined under the old Credit Code of a referring State or a Territory; or
(b) a period specified or determined under a provision of the old Credit Code of a referring State or a Territory as the duration of a particular instrument or status.
(3) If:
(a) under the old Credit Code of a referring State or a Territory, a process, a status of a person or body, or an instrument, commenced from a particular time before commencement; and
(b) that process, status or instrument is continued after commencement for the purposes of the new Credit Code by a provision of this Schedule;
that process, status or instrument as so continued is still taken to have commenced from the time referred to in paragraph (a).
(4) If an old Credit Code time limit related to an old right or liability, the same time limit applies in relation to the substituted right or liability.
14 Preservation of significance etc. of events or circumstances
(1) An event, circumstance or other thing:
(a) that occurred or arose before commencement under or as mentioned in a provision of the old Credit Code of a referring State or a Territory; and
(b) that had a particular significance, status or effect for the purposes of a carried over provision of that Code (including because of an interpretive provision);
has that same significance, status and effect after commencement for the purposes of the provision of the new Credit Code that corresponds to that carried over provision.
(2) Without limiting subitem (1), an event, circumstance or other thing had a particular significance for the purposes of a carried over provision of the old Credit Code of a referring State or a Territory if:
(a) the carried over provision created an obligation in relation to the event, circumstance or thing (whenever it arose); or
(b) the carried over provision provided for the event, circumstance or thing to be dealt with in a particular way; or
(c) the carried over provision stated that the event, circumstance or thing (whenever it arose) was to be disregarded for the purposes of that provision or was not covered by that provision.
15 References in the new Credit Code generally include references to events, circumstances or things that happened or arose before commencement
(1) A reference in the new Credit Code to an event, circumstance or thing of a particular kind that happens or arises, or that has happened or arisen, is taken to include a reference to an event, circumstance or thing of that kind that happened or arose at a time before commencement, unless a contrary intention is expressed.
(2) The fact that the provision uses only the present tense in referring to an event, circumstance or thing is not, of itself, to be regarded as an expression of a contrary intention.
(3) Nothing in subitem (1) is taken to produce a result that a right or liability exists under a provision of the new Credit Code that relates solely to events, circumstances or things that occurred before commencement.
Note: Instead, an equivalent right or liability will be created by item 11 or 12.
(4) Despite subitem (1), the regulations may provide that subitem (1) does not apply in relation to a particular reference or class of references in the new Credit Code.
16 References to things taken or deemed to be the case etc.
If:
(a) a law of a referring State or a Territory had effect before commencement:
(i) to take or deem something to have happened or to be the case, or to have a particular effect, under or for the purposes of the old Credit Code of that State or Territory (or a provision of that Code); or
(ii) to give something an effect for the purposes of the old Credit Code of that State or Territory (or a provision of that Code) that it would not otherwise have had; and
(b) that effect was continuing immediately before commencement;
this Part applies as if that thing had actually happened or were actually the case, or as if that thing actually had that other effect.
17 Penalty units in relation to pre - commencement conduct remain at $100
(1) If, because of this Part, an offence can be prosecuted after commencement in relation to conduct that occurred solely before commencement, the amount of a penalty unit in relation to that offence is $100.
(2) Subitem (1) has effect despite section 4AA of the Crimes Act 1914 .
Part 3 -- Application of the National Credit Act (other than the new Credit Code) and Schedule 2 to this Act
Division 1--Application of the National Credit Act (other than Chapter 3 and the new Credit Code)
17A Application of the National Credit Act (other than Chapter 3 and the new Credit Code)
(1) The National Credit Act (other than Chapter 3 and the new Credit Code) applies from commencement.
Note 1: The National Credit Act does not apply before commencement. However, see subitem (2), which provides that regulations made under section 329 of the National Credit Act may apply before commencement.
Note 2: See item 19 for the application of Chapter 3 (which deals with responsible lending conduct) of the National Credit Act.
Note 3: See items 2A and 3 for the application of the new Credit Code.
Note 4: Generally, the National Credit Act (other than the new Credit Code) does not apply to contracts or other instruments made before commencement. However, see item 18 for exceptions to this.
(2) Despite subitem (1), regulations made under section 329 of the National Credit Act may apply on and after the day section 3 of the National Credit Act commences.
18 Treatment of contracts or other instruments made before commencement
(1) The National Credit Act (other than Chapter 3 and the new Credit Code) does not apply in relation to a contract or other instrument that was made before commencement.
Note 1: See item 19 for the application of Chapter 3 (which deals with responsible lending conduct) of the National Credit Act.
Note 2: See items 2A and 3 for the application of the new Credit Code.
(2) Despite subitem (1), the regulations may provide for the application of all or specified provisions of the National Credit Act to a person (including the licensing of that person) in relation to credit activities engaged in on or after commencement in relation to a carried over instrument.
(3) Despite subitem (1), Part 4 - 3 of the National Credit Act (which deals with the jurisdiction and procedure of courts) applies to proceedings brought under the new Credit Code after commencement in relation to a carried over instrument.
(4) Despite subitem (1), regulations made under section 329 of the National Credit Act for the purposes of section 330 of that Act or the new Credit Code may make provision in relation to proceedings brought after commencement in relation to a carried over instrument.
Division 2--Application of Chapter 3 of the National Credit Act
19 Application of Chapter 3 of the National Credit Act
When all of Chapter 3 (responsible lending conduct) applies to all licensees
(1) Chapter 3 (which deals with responsible lending conduct) of the National Credit Act applies on and after the day (the Chapter 3 start day ) that is 1 January 2011, or a later day prescribed by the regulations.
Note: Chapter 3 of the National Credit Act does not apply before the Chapter 3 start day. However, under subitem (2), certain provisions of Chapter 3 apply before then to some licensees (and registered persons because of item 36 of Schedule 2 to this Act).
When certain provisions of Chapter 3 apply earlier for some licensees
(2) Despite subitem (1), sections 112, 115, 116, 117, 118, 119, 122, 123, 124, 128, 129, 130, 131, 133, 135, 138, 139, 140, 141, 142, 145, 146, 147, 151, 152, 153, 154, 156, 162, 163 and 164 (which deal with the main responsible lending conduct rules) of the National Credit Act apply in relation to conduct engaged in by a licensee in the period that:
(a) starts on commencement; and
(b) ends immediately before the Chapter 3 start day;
if:
(c) the licensee is neither an ADI nor a registrable corporation; and
(d) the conduct is engaged in in relation to a contract or other instrument made on or after commencement.
Application of Chapter 3 in relation to contracts or other instruments
(3) Chapter 3 of the National Credit Act does not apply in relation to a contract or other instrument that was made before commencement.
Note: Chapter 3 of the National Credit Act applies in relation to contracts or other instruments made on or after commencement, but see subitem (4) for exceptions to this.
(4) Despite subitem (3), sections 120, 132, 143 and 155 of the National Credit Act do not apply in relation to a contract or other instrument that was made before the Chapter 3 start day.
(5) This item is subject to subitem 18(2) (which deals with regulations that provide for the application to a person of the National Credit Act).
Division 3--Application of Schedule 2 to this Act
20 Application of Schedule 2 to this Act in relation to contracts or other instruments
(1) Schedule 2 to this Act (which deals with registration) does not apply in relation to a contract or other instrument that was made before commencement.
Note 1: Schedule 2 applies in relation to contracts or other instruments made on or after commencement.
Note 2: Schedule 2 applies from the time it commences (see item 3 of the commencement table in section 2). However, some provisions of Schedule 2 expressly provide that parts of Schedule 2 apply from a later time.
(2) Despite subitem (1), the regulations may provide for the application of all or specified provisions of Schedule 2 to a person (including the registration of that person) in relation to credit activities engaged in on or after commencement in relation to a carried over instrument.
Part 4 -- Transitional provisions relating to ASIC
21 Regulations about ASIC's approach during the transitional period
The regulations may provide for the approach ASIC must take in the administration of this Act or the National Credit Act during the period that:
(a) starts on the day section 3 of the National Credit Act commences; and
(b) ends on 30 June 2011, or a later day prescribed by the regulations.
22 Regulations about transfer of information etc. to ASIC
The regulations may provide for the transfer of information, documents, assets or liabilities to ASIC from:
(a) a referring State or a Territory; or
(b) an authority of a referring State or a Territory.
23 ASIC's role in relation to appeal, review or enforcement proceedings
(1) ASIC has the functions and powers in relation to appeal, review or enforcement proceedings that are expressed to be conferred on it by or under a law of the Commonwealth or a Territory.
(2) ASIC also has the functions and powers in relation to appeal, review or enforcement proceedings that are expressed to be conferred on it by or under a law of a referring State. 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 referring State or a Territory appoints a person (other than ASIC) to bring or continue appeal, review or enforcement proceedings in the State or Territory, ASIC may give the person any information and documents that ASIC has in relation to the proceedings.
(4) In this item:
appeal, review or enforcement proceedings means:
(a) appeal or review proceedings; or
in relation to an order made by a court.
Note: This item does not apply to tribunal orders or proceedings.