Federal Register of Legislation - Australian Government

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Ministerial Powers (ASIC) Delegation 2019

Authoritative Version
This instrument provides for the delegation of Minister’s powers to the Australian Securities and Investments Commission.
Administered by: Treasury
Registered 05 Apr 2019
Date of repeal 15 Apr 2021
Repealed by Ministerial Powers (ASIC) Delegations 2021

 

Ministerial Powers (ASIC) Delegation 2019

I, Stuart Robert, Assistant Treasurer, make the following instrument of delegation.

 

Dated 1April 2019

Stuart Robert

Assistant Treasurer

 

 

 


Contents

Part 1Preliminary                                                                                                     1

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

Part 2Delegations under the Business Names Registration Act 2011                    2

5  Delegation of the Minister’s functions and powers.................................................................. 2

Part 3Delegations under the Corporations Act 2001                                               3

6  Delegation of the Minister’s powers under Chapter 7.............................................................. 3

Part 4Delegations under the Mutual Assistance in Business Regulation Act 1992 5

7  Delegation of the Minister’s powers and functions.................................................................. 5

 

 


Part 1Preliminary

1  Name

                   This instrument is the Ministerial Powers (ASIC) Delegation 2019.

2  Commencement

                   This instrument commences on 1 July 2019.       

3  Authority

                   This instrument is made under the following:

                     (a)  subsection 80(1) of the Business Names Registration Act 2011;

                     (b)  section 1101J of the Corporations Act 2001;

                     (c)  subsection 22(2) of the Mutual Assistance in Business Regulation Act 1992.   

4  Definitions

                   In this instrument:

ASIC means the Australian Securities and Investments Commission.

ASIC Act means the Australian Securities and Investments Commission Act 2001.

member of ASIC has the same meaning as in section 9 of the ASIC Act.

senior staff member has the same meaning as in the ASIC Act.

staff member has the same meaning as in the ASIC Act.

 


 

Part 2Delegations under the Business Names Registration Act 2011

5  Delegation of the Minister’s functions and powers 

(1)   All previous delegations made under subsection 80(1) of the Business Names Registration Act 2011 are revoked.

             (2)  All of the Minister’s functions and powers under subsections 27(2), 28(2) and 32(3) of the Business Names Registration Act 2011 are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

                     (a)  member of ASIC;

                     (b)  Executive Director, Registry (position number 11829);

                     (c) Senior Executive Leader, Registry (position number 6047).

 


 

Part 3Delegations under the Corporations Act 2001

Delegation of the Minister’s powers under Chapter 7     

(1)  All previous delegations made under section 1101J of the Corporations Act 2001 are revoked.

             (2)  The Minister’s powers under the provisions of the Corporations Act 2001 referred to in the following table are delegated to:

                     (a)  each member of ASIC; and

                     (b)  each senior staff member of ASIC.

 

Item

Provisions in the Act

Description of the power

Licensed markets

 

1

791C

Issue/revoke/vary an exemption from all or specified provisions of Part 7.2

2

792F

Direct audit of annual report

3

792H

Approve change of country by foreign licensee

4

793E

Disallow changes to operating rules

5

794A

Issue/vary/revoke directions

6

794B

Require a special report including an audited special report

7

795B

Issue domestic and overseas licence

8

795C

Gazette the licence

9

796A

Impose/vary/revoke conditions on licence

10

797A

Vary licence to take into account name change

11

797B

Immediately suspend or cancel licence

12

797C

Suspend or cancel licence following hearing and report

13

797D

Effect of suspension

14

797E

Vary or revoke suspension

15

797F

Publication of notice of suspension or cancellation

16

798M

Issue/revoke/vary exemption from all or specified provisions of Part 7.2A 

Licensed CS facilities

 

17

820C

Issue/revoke/vary exemption from all or specified provisions of Part 7.3

18

821E

Direct audit of annual report

19

821F

Approve change of country by foreign licensee

20

822E

Disallow changes to operating rules

21

823A

Issue/vary/revoke directions

22

823B

Require a special report including an audited special report

23

824B

Issue domestic and overseas licence

24

824C

Gazette the licence

25

825A

Impose/vary/revoke conditions on licence

26

826A

Vary licence

27

826B

Immediately suspend or cancel licence

28

826C

Suspend or cancel licence following hearing and report

29

826D

Effect of suspension 

30

826E

Vary or revoke suspension 

31

826F

Publication of notice of licence suspension or cancellation

Compensation regimes for financial markets

32

881D

Consider whether market will be covered by Division 4 of Part 7.5 of the Corporations Act

33

882A

Approve compensation arrangements with grant of licence

34

882B

Approve compensation arrangements after licence is granted

35

882C

Revoke an approval of compensation arrangements

36

882D

Issue directions to licensee

37

884B

Disallow changes to compensation rules

38

884C

Approve changes to compensation arrangements

39

885B

Requirements for compensation arrangements to be adequate

40

885C

Adequacy of compensation arrangements – losses to be covered

41

885J

Adequacy of compensation arrangements - other matters to be taken into account

42

890H

Disallow changes to the operating rules of the Securities Exchanges Guarantee Corporation

43

892K

Request a risk assessment report

44

893B

Issue/revoke exemption from all or specified provisions of Part 7.5 (compensation regimes) and vary/revoke an exemption

 

 

 


 

Part 4Delegations under the Mutual Assistance in Business Regulation Act 1992

7  Delegation of the Minister’s powers and functions

(1)  The instrument of delegation of functions and powers under sections 7, 8 and 9 of the Mutual Assistance in Business Regulation Act 1992 to staff members of ASIC dated 12 December 2012 is revoked.

             (2)  All of the Minister’s powers and functions under sections 7, 8 and 9 of the Mutual Assistance in Business Regulation Act 1992 are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

                     (a)  member of ASIC;

                     (b)  Special Counsel in the Chief Legal Office;

                     (c)  Executive Director, Assessment and Intelligence (position number 4821);

                     (d) Senior Executive Leader, Wealth Management Enforcement – Major Financial Institutions (position number 5412);

                     (e) Senior Executive Leader, Market Supervision (position number 4644);

                      (f) Senior Executive Leader, International (position number 4195).