AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 271 Non - federal proceedings etc.

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 271

  (1)   ASIC has the functions and powers in relation to a non - federal proceeding that are expressed to be conferred on it by or under a law of the Commonwealth or the Northern Territory.

  (2)   ASIC also has the functions and powers in relation to a non - federal proceeding that are expressed to be conferred on it by or under a law of a State in this jurisdiction. 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 State or Territory appoints a person to bring or continue a non - federal proceeding in the State or Territory, ASIC may give the person any information and documents that ASIC has in relation to the proceeding.

  (4)   In this section:

"appeal or review proceeding" has the same meaning as in section   266.

"enforcement proceeding" has the same meaning as in section   266.

"non-federal proceeding" means:

  (a)   a proceeding in relation to which paragraphs 267(1)(a), (b) and (d) are satisfied but paragraph   267(1)(e) is not satisfied; or

  (aa)   a proceeding in relation to which paragraphs 1383(1)(a), (b) and (d) of the Corporations Act 2001 are satisfied but paragraph   1383(1)(e) of that Act is not satisfied;

  (b)   an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made before the commencement in relation to a proceeding that was:

  (i)   under a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or

  (ia)   under a provision of the old corporations legislation of a State or Territory in this jurisdiction; or

  (ii)   brought as, or connected with, a prosecution for an offence against a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or

  (iii)   brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation of a State or Territory in this jurisdiction; or

  (c)   an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made after the commencement in relation to a proceeding referred to in paragraph   (a) or (aa).