Australian Securities and Investments Commission Act 2001

In force

Administered by

Department of the Treasury

Superseded version

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C2023C00360 C95

20 October 2023 - 08 November 2023

Table of 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
- Division 2—Unconscionable conduct and consumer protection in relation to financial services
Part 3—Investigations and information gathering
- Division 1—Investigations
- Division 2—Examination of persons
- Division 3—Inspection of books and audit information gathering powers
- 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
- Division 4—Requirements to disclose information
- 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
- Division 6—Hearings
- Division 7—Offences
- Division 8—ASIC’s powers where non compliance with Part
- Division 9—Evidentiary use of certain material
- Division 10—Miscellaneous
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
- Division 2—Divisions of ASIC
- Division 3—Delegation by ASIC
  - 102 Delegation
- Division 4—Meetings of ASIC
Part 5—ASIC’s members
- Division 1—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
- 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
- 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
- Division 3—Decisions of panels
  - Subdivision A—Decisions of panels at meetings
  - Subdivision B—Decisions of panels without meetings
    - 156 Decisions without meetings
- Division 4—Panel hearings
- 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
- Division 2—Conduct of Takeovers Panel’s business
- Division 3—Takeovers Panel proceedings
Part 11—Companies Auditors Disciplinary Board
- Division 1—Constitution of Disciplinary Board
- Division 2—Hearings by Disciplinary Board
Part 12—The Australian financial reporting system
- 224 Main objects of this Part
- Division 1—The financial reporting system
- Division 2—Accounting standards
- Division 2A—Auditing standards
- Division 3—Administrative provisions
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
- Division 2—Carrying over bodies established etc. or persons appointed under the old ASIC Act
- 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
- 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
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 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
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
- Endnote 5—Editorial changes

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Australian Securities and Investments Commission Act 2001

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Australian Securities and Investments Commission Act 2001

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