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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 NO. 51, 2001

Table of Provisions

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  

Division 4--Interpretation

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

Division 1--Australian Securities and Investments Commission

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

  • 12AA Constitutional operation of Division  
  • 12AC Division extends to some conduct outside Australia  
  • 12AD Application of Division to Commonwealth and Commonwealth authorities  
  • 12AE Saving of other laws and remedies  
  • 12BA Interpretation  
  • 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  
  • 12CA Unconscionable conduct within the meaning of the unwritten law of the States and Territories  
  • 12CB Unconscionable conduct  
  • 12DA Misleading or deceptive conduct  
  • 12DB False or misleading representations  
  • 12DC False representations and other misleading or offensive conduct in relation to securities 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 securities  
  • 12DL Unsolicited debit cards  
  • 12DM Assertion of right to payment for unsolicited financial services  
  • 12DN Application of provisions of Division to prescribed information providers  
  • 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  
  • 12FA Industry codes to be approved by ASIC  
  • 12GA Interpretation  
  • 12GB Offences against Subdivision D  
  • 12GC Enforcement and recovery of certain fines  
  • 12GD Injunctions  
  • 12GE Order to disclose information or publish advertisement  
  • 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  
  • 12GM Other orders  
  • 12GN Power of Court to prohibit payment or transfer of money or other property  
  • 12GO Enforcement of undertakings—Secretary of the Department  
  • 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

  • 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  
  • 31 Notice to produce books about securities  
  • 32 Notice to produce books about futures contracts  
  • 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  
  • 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  

Division 4--Requirements to disclose information about securities or futures contracts

  • 40 When certain powers may be exercised  
  • 41 Acquisitions and disposals of securities  
  • 43 Exercise of certain powers of ASIC in relation to securities  
  • 44 Dealings in futures contracts  
  • 46 Exercise of certain powers of ASIC in relation to futures contracts  
  • 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 securities generally  
  • 74 Orders in relation to futures contracts  
  • 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

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  

Division 3--Restrictions on dealing in futures contracts

  • 128 Certain persons not to deal on the basis of certain information  
  • 129 Compensation to other parties where section 128 contravened  
  • 130 Amount of compensation  
  • 131 Limitation of actions  
  • 132 ASIC may sue  

PART 8--FINANCE

Division 1--General

  • 133 Payments to ASIC by Commonwealth  
  • 134 ASIC's money  
  • 135 How ASIC's money to be applied  
  • 137 Limitation on contracts and leases  
  • 138 Extra matters to be included in annual report  
  • 139 Liability to taxation  

Division 2--Trust property

  • 140 ASIC may accept property on trust  
  • 141 Trust money to be paid into bank account  
  • 142 How trust property to be applied  

PART 9--THE COMPANIES AND SECURITIES ADVISORY COMMITTEE

Division 1--General

  • 146 CASAC is a body corporate  
  • 147 Membership  
  • 148 Functions  
  • 149 Term of office as member  
  • 150 Resignation  
  • 151 Termination of appointment  
  • 152 Remuneration and allowances etc.  
  • 153 Meetings  
  • 154 CASAC to inform itself in any manner  
  • 155 Publication of advice or recommendations  

Division 2--Staff and finance

  • 156 Staff  
  • 157 Consultants etc.  
  • 158 Staff seconded to CASAC  
  • 159 Payments to CASAC by Commonwealth  
  • 160 CASAC's money  
  • 161 How CASAC's money to be applied  
  • 163 Limitation on contracts and leases  
  • 165 Liability to taxation  
  • 166 CASAC may accept property on trust  
  • 167 Trust money to be paid into bank account  
  • 168 How trust property to be applied  

PART 10--THE CORPORATIONS AND SECURITIES 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 Divisions 2 and 3 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

Division 2--Hearings by Disciplinary Board

PART 12--ACCOUNTING STANDARDS

  • 224 Main objects of this Part  

Division 1--The Australian financial reporting system

  • 225 Functions and powers of the Financial Reporting Council  
  • 226 The Australian Accounting Standards Board  
  • 227 AASB'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 3--Administrative provisions

  • 235A Membership of FRC  
  • 235B Annual report  
  • 235C Procedure  
  • 236A Procedure  
  • 236B Appointment of members of the AASB  
  • 236C Resignation and termination of appointment  
  • 236D Acting appointments  
  • 237 Confidentiality  
  • 238 Application of money  

PART 14--THE PARLIAMENTARY JOINT COMMITTEE ON CORPORATIONS AND SECURITIES

  • 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  
  • 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. 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

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

Division 7--Regulations dealing with transitional matters

  • 285 Regulations may deal with transitional matters  

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