AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001

Commonwealth Consolidated Acts

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001

TABLE OF PROVISIONS

Long Title

PART 1--PRELIMINARY

Division 1--Objects

1. Objects

Division 2--Citation

1A. Short title [see Note 1]

Division 3--Commencement and application

2. Commencement [see Note 1]
4. Application of this Act
4A. Application of the Criminal Code

Division 4--Interpretation

5. Interpretation
5A. Application of the Acts Interpretation Act 1901
6. Giving information

PART 2--AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION AND CONSUMER PROTECTION IN RELATION TO FINANCIAL SERVICES

Division 1--Australian Securities and Investments Commission

8. ASIC is a body corporate
8A. ASIC's liabilities are Commonwealth liabilities
9. Membership
10. Chairperson and Deputy Chairperson
10A. Chairperson not subject to direction by ASIC on certain matters
11. Corporations legislation functions and powers and other functions and powers
12. Directions by Minister
12A. Other functions and powers

Division 2--Unconscionable conduct and consumer protection in relation to financial

Subdivision A--Application

12AC. Division extends to some conduct outside Australia
12AD. Application of Division to Commonwealth and Commonwealth authorities
12AE. Saving of other laws and remedies

Subdivision B--Interpretation

12BA. Interpretation
12BAA. Definition of financial product
12BAB. Meaning of financial service
12BB. Misleading representations
12BC. Consumers
12BD. Acquisition, supply and re-supply
12BE. Application of Division in relation to leases and licences of land and buildings

Subdivision C--Unconscionable conduct

12CA. Unconscionable conduct within the meaning of the unwritten law of the States and Territories
12CB. Unconscionable conduct
12CC. Unconscionable conduct in business transactions

Subdivision D--Consumer protection

12DA. Misleading or deceptive conduct
12DB. False or misleading representations
12DC. False representations and other misleading or offensive conduct in relation to financial products that involve interests in land
12DD. Cash price to be stated in certain circumstances
12DE. Offering gifts and prizes
12DF. Certain misleading conduct in relation to financial services
12DG. Bait advertising
12DH. Referral selling
12DI. Accepting payment without intending or being able to supply as ordered
12DJ. Harassment and coercion
12DK. Pyramid selling of financial products
12DL. Unsolicited credit cards and debit cards
12DM. Assertion of right to payment for unsolicited financial services
12DN. Application of provisions of Division to prescribed information providers

Subdivision E--Conditions and warranties in consumer transactions

12EA. Conflict of laws
12EB. Application of provisions not to be excluded or modified
12EC. Limitation of liability for breach of certain conditions or warranties
12ED. Warranties in relation to the supply of financial services

Subdivision G--Enforcement and remedies

12GA. Interpretation
12GB. Offences against Subdivision D
12GC. Enforcement and recovery of certain fines
12GCA. Preference must be given to compensation for victims
12GD. Injunctions
12GF. Actions for damages
12GG. Finding in proceedings to be evidence
12GH. Conduct by directors, employees or agents
12GI. Defences
12GJ. Jurisdiction of courts
12GK. Transfer of matters
12GL. Transfer of certain proceedings to Family Court
12GLA. Non-punitive orders
12GLB. Punitive orders requiring adverse publicity
12GM. Other orders
12GN. Power of Court to prohibit payment or transfer of money or other property
12GNA. Limit on liability for misleading or deceptive conduct
12GO. Intervention by ASIC

Subdivision GA--Proportionate liability for misleading and deceptive conduct

12GP. Application of Subdivision
12GQ. Certain concurrent wrongdoers not to have benefit of apportionment
12GR. Proportionate liability for apportionable claims
12GS. Defendant to notify plaintiff of concurrent wrongdoer of whom defendant is aware
12GT. Contribution not recoverable from defendant
12GU. Subsequent actions
12GV. Joining non-party concurrent wrongdoer in the action
12GW. Application of Subdivision

Subdivision H--Miscellaneous

12HA. Relationship of this Subdivision to Part 3
12HB. Disclosure of documents by ASIC
12HC. Prosecutions
12HD. Jurisdiction of Court to make declarations and orders

PART 3--INVESTIGATIONS AND INFORMATION-GATHERING

Division 1--Investigations

13. General powers of investigation
14. Minister may direct investigations
15. Investigation after report of receiver or liquidator
16. Interim report on investigation
17. Final report on investigation
18. Distribution of report

Division 2--Examination of persons

19. Notice requiring appearance for examination
20. Proceedings at examination
21. Requirements made of examinee
22. Examination to take place in private
23. Examinee's lawyer may attend
24. Record of examination
25. Giving to other persons copies of record
26. Copies given subject to conditions
27. Record to accompany report

Division 3--Inspection of books and audit information-gathering powers

28. When certain powers may be exercised
29. ASIC may inspect books without charge
30. Notice to produce books about affairs of body corporate or registered scheme
30A. Notice to auditors concerning information and books
31. Notice to produce books about financial products
32A. Notice to produce books about financial services
33. Notice to produce documents in person's possession
34. ASIC may authorise persons to require production of books, giving of information etc.
35. Application for warrant to seize books not produced
36. Grant of warrant
37. Powers where books produced or seized
38. Powers where books not produced
39. Power to require person to identify property of body corporate
39A. ASIC may give copy of book relating to registered scheme to another person
39B. ASIC to notify foreign regulator's access to information or books

Division 4--Requirements to disclose information about financial products

40. When certain powers may be exercised
41. Acquisitions and disposals of financial products
43. Exercise of certain powers of ASIC in relation to financial products
47. Disclosures to take place in private
48. Lawyer of person making disclosure may attend

Division 5--Proceedings after an investigation

49. ASIC may cause prosecution to be begun
50. ASIC may cause civil proceeding to be begun

Division 6--Hearings

51. Power to hold hearings
52. General discretion to hold hearing in public or private
53. Request by person appearing at hearing that it take place in public
54. Certain hearings to take place in private
55. ASIC may restrict publication of certain material
56. Who may be present when hearing takes place in private
57. Involvement of person entitled to appear at hearing
58. Power to summon witnesses and take evidence
59. Proceedings at hearings
60. ASIC to take account of evidence and submissions
61. Reference to Court of question of law arising at hearing
62. Protection of members etc.

Division 7--Offences

63. Non-compliance with requirements made under this Part
64. False information
65. Obstructing person acting under this Part
66. Contempt of ASIC
67. Concealing books relevant to investigation
68. Self-incrimination
69. Legal professional privilege
70. Powers of Court where non-compliance with Part

Division 8--ASIC's powers where non-compliance with Part

71. Orders by ASIC
72. Orders in relation to securities of a body corporate
73. Orders in relation to financial products generally
75. Orders under this Division

Division 9--Evidentiary use of certain material

76. Statements made at an examination: proceedings against examinee
77. Statements made at an examination: other proceedings
78. Weight of evidence admitted under section 77
79. Objection to admission of statements made at examination
80. Copies of, or extracts from, certain books
81. Report under Division 1
82. Exceptions to admissibility of report
83. Material otherwise admissible

Division 10--Miscellaneous

84. Requirement made of a body corporate
85. Evidence of authority
86. Giving documents to natural persons
87. Place and time for production of books
88. Application of Crimes Act and Evidence Act
89. Allowances and expenses
90. Expenses of investigation under Division 1
91. Recovery of expenses of investigation
92. Compliance with Part
93. Effect of Part
93AA. Enforcement of undertakings

PART 3A--ENFORCEABLE UNDERTAKINGS IN RELATION TO REGISTERED SCHEMES

93A. Undertakings by responsible entity

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. Convening of meetings
104. Approved methods of communication
105. Quorum
106. Who is to preside at meetings
107. Procedure at 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

PART 7--PREVENTING CONFLICTS OF INTEREST AND MISUSE OF INFORMATION

Division 1--Disclosure of interests

123. Members to disclose certain interests to Minister
124. Members to disclose certain interests to Chairperson
125. Notification of interests to ASIC
126. Defence

Division 2--Confidentiality

127. Confidentiality

PART 8--FINANCE AND REPORTING REQUIREMENTS

Division 1--Companies and Unclaimed Moneys Special Account

133. Companies and Unclaimed Moneys Special Account
134. Credits to the Account
135. Purpose of the Account

Division 2--Reporting requirements

136. Annual reports

Division 3--Liability to taxation

137. Liability to taxation

PART 9--THE CORPORATIONS AND MARKETS ADVISORY COMMITTEE

Division 1--General

146. CAMAC is a body corporate
146A. CAMAC's liabilities are Commonwealth liabilities
147. Membership
147A. Convenor not subject to direction by CAMAC on certain matters
148. Functions
149. Term of office as member
150. Resignation
151. Termination of appointment
152. Remuneration and allowances etc.
153. Meetings
154. CAMAC to inform itself in any manner
155. Publication of advice or recommendations

Division 2--Staff

156. Staff
157. Consultants etc.
158. Staff seconded to CAMAC

Division 3--Liability to taxation

159. Liability to taxation

Division 4--Reporting requirements

162. Annual report

PART 10--THE TAKEOVERS PANEL

Division 1--General

172. Membership
173. President
174. Functions and powers of 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 Panel's business

184. Constitution of Panel in relation to particular matters
185. Disclosure of interests by members
186. Application of Division 2 of Part 7

Division 3--Panel proceedings

187. Interpretation
188. Power to conduct proceedings
190. Panel may restrict publication of certain material
192. Power to summon witnesses and take evidence
193. Quorum
194. Legal representation in proceedings before the Panel
195. Procedure
197. Protection of members etc.
198. Non-compliance with requirements made under section 192
199. False evidence
200. Contempt of Panel
201. Powers of Court where non-compliance with section 192
201A. Undertakings to the Panel

PART 11--COMPANIES AUDITORS AND LIQUIDATORS 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
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

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 accounting 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
235B. Annual report
235BA. Report on auditor independence functions
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
235J. Annual report

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
236C. Resignation and termination of appointment
236D. Acting appointments
236DA. Disclosure of interests
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
236DG. Annual report

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
236G. Resignation and termination of appointment
236H. Acting appointments
236J. Disclosure of interests

Subdivision C--Confidentiality

237. Confidentiality

PART 13--FINANCIAL REPORTING PANEL

Division 1--General

239AA. Financial Reporting Panel
239AB. Membership
239AC. Chairperson
239AD. Functions and powers of Financial Reporting Panel
239AE. Term of office as member
239AF. Term of office as Chairperson
239AG. Resignation
239AH. Termination of appointment
239AI. Remuneration and allowances
239AJ. Leave of absence
239AK. Other terms and conditions
239AL. Acting Chairperson
239AM. Annual report

Division 2--Conduct of Financial Reporting Panel's business

239BA. Constitution of Financial Reporting Panel in relation to particular matters
239BB. Disclosure of interests by members
239BC. Application of Division 2 of Part 7

Division 3--Financial Reporting Panel proceedings

239CA. Interpretation
239CB. Power to conduct proceedings
239CC. Financial Reporting Panel proceedings
239CD. Financial Reporting Panel may restrict publication of certain material
239CE. Power to summon witnesses and take evidence
239CF. Quorum
239CG. No legal representation in proceedings before the Financial Reporting Panel
239CH. Procedure
239CI. Protection of members etc.
239CJ. Non-compliance with requirements made under section 239CE
239CK. Contempt of Financial Reporting Panel
239CL. Powers of Court where non-compliance with section 239CE

PART 14--THE PARLIAMENTARY JOINT COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES

241. Membership
242. Powers and proceedings
243. Duties

PART 15--MISCELLANEOUS

243B. Offences committed partly in and partly out of the jurisdiction
243D. Financial transaction reports
243E. Suspicious matters reports under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
244. Review by Administrative Appeals Tribunal of certain decisions
244A. Notice of reviewable decision and review rights
245. Validity of certain actions
246. Liability for damages
247. Duplicate seals
248. Judicial notice of ASIC's seal and members' signatures
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

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

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

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

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