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Australian Securities and Investments Commission Act 1989
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C2005C00461
24 November 2000
-
14 July 2001
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Part 1—Preliminary
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Division 1—Objects
1 Objects
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Division 2—Citation
1A Short title [see Note 1]
1B Alternative citations of this Act and regulations under section 251
1C Citation of provisions of this Act, and regulations under section 251, applying as law of another jurisdiction
1D References to ASIC Law and ASIC Regulations
1E Saving of citation provisions of other jurisdictions
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Division 3—Commencement and application
2 Commencement [see Note 1]
4 Extension to external Territories
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Division 4—Interpretation
5 Interpretation
6 Giving information
6A Acting appointments
6B Alterations of names and constitutions
6C Presentation of papers to the Parliament
6D Periodic reports
6E Liabilities etc. imposed on Commonwealth by other ASC Laws
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Part 2—The Commission and consumer protection in relation to financial services
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Division 1—Establishing the Commission
7 Establishment
8 Commission is a body corporate
9 Membership
10 Chairperson and Deputy Chairperson
11 National scheme functions and powers and other functions and powers conferred by the States and Territories
12 Directions by Minister
12A Other functions and powers
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Division 2—Unconscionable conduct and consumer protection in relation to financial services
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Subdivision A—Application
12AA Constitutional operation of Division
12AB Subdivision E (sections 12EA to 12ED) does not apply to contracts entered into before 1 October 1974
12AC Division extends to some conduct outside Australia
12AD Application of Division to Commonwealth and Commonwealth authorities
12AE Saving of other laws and remedies
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Subdivision B—Interpretation
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
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Subdivision C—Unconscionable conduct
12CA Unconscionable conduct within the meaning of the unwritten law of the States and Territories
12CB Unconscionable conduct
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Subdivision D—Consumer protection
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
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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
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Subdivision F—Alternative dispute resolution
12FA Industry codes to be approved by Commission
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Subdivision G—Enforcement and remedies
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, servants 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 moneys or other property
12GO Enforcement of undertakings—Secretary to the Department
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Subdivision H—Miscellaneous
12HA Relationship of this Subdivision to Part 3
12HB Disclosure of documents by the Commission
12HC Prosecutions
12HD Jurisdiction of Court to make declarations and orders
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Subdivision I—Transitional
12IA Conduct engaged in in relation to financial services before commencement
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Subdivision J—Dealings in securities
12JA Operation of this Subdivision
12JB Definitions
12JC Application of securities provisions as Commonwealth law
12JD Federal Court has jurisdiction under the applied law
12JE Concurrent operation of securities provisions
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Part 3—Investigations and information-gathering
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Division 1A—Application of Part 3
12B Application of Part 3
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Division 1—Investigations
13 General powers of investigation
14 Minister may direct investigations
14A Directions under relevant previous laws
15 Investigation after report of receiver or liquidator
16 Interim report on investigation
17 Final report on investigation
18 Distribution of report
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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
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Division 3—Inspection of books
28 When certain powers may be exercised
29 Commission 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 Commission 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 Commission may give copy of book relating to registered scheme to another person
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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 the Commission in relation to securities
44 Dealings in futures contracts
46 Exercise of certain powers of Commission in relation to futures contracts
47 Disclosures to take place in private
48 Lawyer of person making disclosure may attend
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Division 5—Proceedings after an investigation
49 Commission may cause prosecution to be begun
50 Commission may cause civil proceeding to be begun
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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 Commission 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 Commission to take account of evidence and submissions
61 Reference to Court of question of law arising at hearing
62 Protection of members etc.
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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 Commission
67 Concealing books relevant to investigation
68 Self-incrimination
69 Legal professional privilege
70 Powers of Court where non-compliance with Part
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Division 8—Commission’s powers where non-compliance with Part
71 Orders by Commission
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
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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
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Division 10—Miscellaneous
83A Exercise of powers etc. for purposes of investigation under corresponding law
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
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Part 3AEnforceable undertakings in relation to registered schemes
93A Undertakings by responsible entity
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Part 4—The Commission’s business
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Division 1—General
94 Arrangement of Commission’s business
95 Commission to establish offices
96 Regional Commissioners
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Division 2—Divisions of the Commission
97 Commission may establish Division
98 Effect of direction establishing Division
99 Commission may reconstitute Division
100 Effect of reconstituting Division
101 Multiple Divisions
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Division 3—Delegation by the Commission
102 Delegation
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Division 4—Meetings of the Commission
103 Convening of meetings
104 Approved methods of communication
105 Quorum
106 Who is to preside at meetings
107 Procedure at meetings
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Part 5—The Commission’s members
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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
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Division 2—Acting appointments
116 Acting members
117 Acting Chairperson
118 Acting Deputy Chairperson
119 Limitation on appointments to act during vacancy
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Division 3—Delegation by members
119A Delegation by members
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Part 6—The Commission’s staff
120 Staff
121 Consultants etc.
122 Staff seconded to the Commission
122A Transfer of staff to Australian Public Service
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Part 7—Preventing conflicts of interest and misuse of information
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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 Commission
126 Defence
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Division 2—Confidentiality
127 Confidentiality
127A Secrecy
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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 Commission may sue
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Part 8—Finance
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Division 1—General
133 Payments to Commission by Commonwealth
134 The Commission’s money
135 How Commission’s money to be applied
137 Limitation on contracts and leases
138 Extra matters to be included in annual report
139 Liability to taxation
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Division 2—Trust property
140 Commission may accept property on trust
141 Trust money to be paid into bank account
142 How trust property to be applied
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Part 9—The Advisory Committee
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Division 1—General
145 Establishment
146 Advisory Committee is a body corporate
147 Membership
148 Functions
148A Minister to ask Advisory Committee to advise on operation of continuous disclosure provisions etc.
149 Term of office as member
150 Resignation
151 Termination of appointment
152 Remuneration and allowances etc.
153 Meetings
154 Advisory Committee to inform itself in any manner
155 Publication of advice or recommendations
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Division 2—Staff and finance
156 Staff
157 Consultants etc.
158 Staff seconded to Advisory Committee
159 Payments to Advisory Committee by Commonwealth
160 The Advisory Committee’s money
161 How Advisory Committee’s money to be applied
163 Limitation on contracts and leases
165 Liability to taxation
166 Advisory Committee may accept property on trust
167 Trust money to be paid into bank account
168 How trust property to be applied
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Part 10—The Corporations and Securities Panel
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Division 1—General
171 Establishment of Panel
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
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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
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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
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Part 11—Companies Auditors and Liquidators Disciplinary Board
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Division 1—Constitution of Disciplinary Board
202 Establishment 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
209 Appointment of deputies
210 Meetings
211 Disclosure of interests
212 Remuneration and allowances
213 Confidentiality
214 Annual report
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Division 2—Hearings by Disciplinary Board
215 Interpretation
216 Hearings
217 Power to summon witnesses and take evidence
218 Proceedings at hearings
219 Failure of witnesses to attend and answer questions
220 Contempt of Disciplinary Board
221 Protection of members etc.
222 Hearings deemed to be judicial proceedings
223 Costs
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Part 12—Accounting standards
224 Main objects of this Part
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Division 1—The Australian financial reporting system
225 Establishment, functions and powers of the Financial Reporting Council
226 Establishment of the Australian Accounting Standards Board
227 AASB’s functions and powers
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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
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Division 3—Administrative provisions
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Subdivision A—The Financial Reporting Council
235A Membership of FRC
235B Annual report
235C Procedure
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Subdivision B—The Australian Accounting Standards Board
236A Procedure
236B Appointment of members of the AASB
236C Resignation and termination of appointment
236D Acting appointments
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Subdivision C—Confidentiality
237 Confidentiality
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Subdivision D—Financial matters
238 Application of money
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Part 14—The Parliamentary Committee
241 Establishment and membership
242 Powers and proceedings
243 Duties
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Part 15—Miscellaneous
243A Offences under 2 or more ASC Laws
243B Offences committed partly in and partly out of the jurisdiction
243C Reciprocity in relation to offences
243CA Recognition of things done under Commonwealth law relating to dealings in securities
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 Commission’s seal and members’ signatures
251 The ASIC Regulations
252 Regulations for the purposes of non-applied provisions
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Part 16—Transitional
253 Interpretation
254 Trust assets of NCSC
255 Money of NCSC
256 Other assets and liabilities of NCSC
257 Effect of transfer of assets and liabilities to Commission
258 NCSC instruments
259 Pending proceedings
260 Certificates relating to assets, liabilities and instruments
261 Exemption from taxation
262 Pending proceedings etc. by or against the NCSC
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Part 17—Commencement and application of certain amendments of the ASC Law
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Division 1—Preliminary
263 Meaning of ASC Law
264 Meaning of amendment of the ASC Law
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Division 2—Amendments made by the Corporations Legislation Amendment Act 1994
265 Meaning of Amending Act
266 Schedule 4—application of amendments made by Part 1 of the Schedule
267 Schedule 5—application of amendments made by Part 2 of the Schedule
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Part 18—Transitional: from the ASC to ASIC
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268 Changes to name of ASC and the Australian Securities Commission Act 1989
Notes to the STYLEREF ShortT \* MERGEFORMAT Australian Securities and Investments Commission Act 1989
