AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - NOTES

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - NOTES

No. 51, 2001

Compilation No. 97

Compilation date: 28 November 2023

Includes amendments up to: Act No. 101, 2023

Registered: 12 December 2023

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 28 November 2023 (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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 1--Preliminary

Division 1--Objects

1 Objects

Division 2--Citation

1A Short title

Division 3--Commencement and application

2 Commencement

4 Application of this Act

4A Application of the Criminal Code

Division 4--Interpretation

5 Interpretation

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

9A Application of the finance law

10 Chairperson and Deputy Chairpersons

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

12AA Cooperation with APRA

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

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 with respect to future matters

12BC Consumers

12BD Acquisition, supply and re-supply

12BE Application of Division in relation to leases and licences of land and buildings

12BEA Asserting a right to payment

Subdivision BA--Unfair contract terms

12BF Unfair terms of consumer contracts and small business contracts

12BG Meaning of unfair

12BH Examples of unfair terms

12BI Terms that define main subject matter of consumer contracts or small business contracts etc. are unaffected

12BK Standard form contracts

12BL Contracts to which this Subdivision does not apply

12BLA Replacement life insurance contracts to which this Subdivision does not apply

12BLB Renewed life insurance contracts to which this Subdivision does not apply

12BLC This Subdivision does not apply to certain contracts connected with financial markets

12BM Contraventions of this Subdivision etc.

Subdivision C--Unconscionable conduct

12CA Unconscionable conduct within the meaning of the unwritten law of the States and Territories

12CB Unconscionable conduct in connection with financial services

12CC Matters the court may have regard to for the purposes of section 12CB

Subdivision D--Consumer protection

12DA Misleading or deceptive conduct

12DB False or misleading representations

12DC False or misleading representations in relation to financial products that involve interests in land

12DD Cash price to be stated in certain circumstances

12DE Offering rebates, gifts, prizes etc.

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 etc.

12DMA Liability of recipient for unsolicited financial services etc.

12DMB Assertion of right to payment for unauthorised advertisements

12DMC Caps on commissions for add-on risk products supplied in connection with motor vehicles

12DN Application of provisions of this Division to information providers

Subdivision DA--Deferred sales for add-on insurance products

12DO Meaning of add-on insurance product

12DP Meaning of add-on insurance deferral period and add-on insurance pre-deferral period

12DQ Prohibition on selling add-on insurance products before end of add-on insurance deferral period etc.

12DR Prohibition on offering add-on insurance product during add-on insurance deferral period

12DS Prohibition on offering add-on insurance product--customer opt-out

12DT Right of return and refund for add-on insurance product sold in contravention of section  12DQ

12DU Exception for financial advisers

12DV Exception for product covered by product intervention order

12DW Exception for comprehensive motor vehicle insurance

12DX Exemption by regulations

12DY Exemption by ASIC

12DZ Effect of exemption

12DZA Contravention of conditions on exemption

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 or DA

12GBA Declaration of contravention of civil penalty provision

12GBB Pecuniary penalty orders

12GBC Maximum pecuniary penalty

12GBCA Pecuniary penalty applicable

12GBCB Civil enforcement of pecuniary penalty order

12GBCC Relinquishing the benefit derived from engaging in conduct resulting in a pecuniary penalty order

12GBCD Civil enforcement of relinquishment order

12GBCE Meaning of benefit derived and detriment avoided because of a contravention of a civil penalty provision

12GBCF Civil evidence and procedure rules for declarations of contravention, pecuniary penalty orders and relinquishment orders

12GBCG Civil proceedings after criminal proceedings

12GBCH Criminal proceedings during civil proceedings

12GBCJ Criminal proceedings after civil proceedings

12GBCK Evidence given in civil proceedings not admissible in criminal proceedings

12GBCL Attempt and involvement in contravention treated in same way as actual contravention

12GBCM Continuing contraventions of civil penalty provisions

12GBCN State of mind

12GBCP Exceptions etc. to civil penalty provisions--burden of proof

12GBD Indemnification of officers

12GC Enforcement and recovery of certain fines

12GCA Preference must be given to compensate persons who suffer damage as a result of contravention

12GD Injunctions

12GF Actions for damages

12GFA Recovering commissions that exceed a cap under section 12DMC

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 Federal Circuit and Family Court of Australia (Division 1)

12GLA Non-punitive orders

12GLB Punitive orders requiring adverse publicity

12GLC ASIC may issue a public warning notice

12GLD Order disqualifying a person from managing corporations

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

12GNB Orders to redress loss or damage suffered by non-parties etc.

12GNC Kinds of orders that may be made to redress loss or damage suffered by non-parties etc.

12GND Declarations

12GNE Orders made in favour of party to contract containing unfair term

12GNF Orders made on application of ASIC to prevent and remedy unfair contract terms

12GNG Interaction with other provisions

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 GB--Infringement notices

12GX When an infringement notice may be given

12GXA Provisions subject to an infringement notice

12GXB Matters to be included in an infringement notice

12GXC Payment period

12GXD Extension of time to pay amount

12GXE Payment by instalments

12GXF Withdrawal of an infringement notice

12GXG Effect of payment of amount

12GXH Effect of this Subdivision

Subdivision GC--Substantiation notices

12GY ASIC may require claims to be substantiated etc.

12GYA Extending periods for complying with substantiation notices

12GYB Compliance with substantiation notices

12GYC False or misleading information etc.

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

22A Proceedings at examination

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

30B Notice to registered liquidators 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.

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

39C ASIC may give information and books in relation to Chapter 5 bodies corporate

Division 3A--Extra application of Crimes Act search warrant provisions

Subdivision A--Basic extra application

39D Extra application of Crimes Act search warrant provisions

39E Interpretation of modifications

Subdivision B--Modifications

39F Major modifications--evidential material

39G Major modifications--who may apply for a warrant etc.

39H Major modifications--purposes for which things may be used and shared

39I Minor modifications

Division 4--Requirements to disclose information

40 When certain powers may be exercised

41 Acquisitions and disposals of financial products

42 Acquisitions and disposals of trust property by trustee companies

43 Exercise of certain powers of ASIC in relation to financial products

44 Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company

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 5A--Audit deficiency notifications and reports

50A Application

50B Notice of audit deficiency

50C Audit deficiency report

50D Publication of report

50E Consultation before publication

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

59A 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 and trust property 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 given to ASIC

Part 3A--Enforceable undertakings

93A Undertakings--registered schemes

93B Undertakings--notified foreign passport funds

93BA Undertakings by corporate director of a CCIV

Part 3B--Criminal penalties

93C Penalty for committing an offence

93D Penalty applicable to an offence committed by an individual

93E Penalty applicable to an offence committed by a body corporate

93F Meaning of benefit derived and detriment avoided because of an offence

93G Where is the penalty for an offence specified?

93H If no penalty is specified

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

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 Appeals 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

314 Transitional rules

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

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section  15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history