Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12

             (1)  The Minister may give ASIC a written direction about policies it should pursue, or priorities it should follow, in performing or exercising any of its functions or powers under the corporations legislation (other than the excluded provisions).

             (2)  The Minister must not give a direction under subsection (1) unless he or she has:

                     (a)  notified ASIC in writing that he or she is considering giving the direction; and

                     (b)  given the Chairperson an adequate opportunity to discuss with the Minister the need for the proposed direction.

             (3)  The Minister must not give a direction under subsection (1) about a particular case.

             (4)  ASIC must comply with a direction under subsection (1).

             (5)  The Minister must cause a copy of an instrument under subsection (1):

                     (a)  to be published in the Gazette within 21 days after the instrument is made; and

                     (b)  to be laid before each House of the Parliament within 15 sitting days of that House after the publication;

but failure of the Minister to do so does not affect the instrument's validity.