Ministerial Powers (ASIC) Delegations 2021

I, Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, and Minister for Women’s Economic Security, make the following delegations.

Dated 12 April 2021

 

Jane Hume

Minister for Superannuation, Financial Services and the Digital Economy
Minister for Women’s Economic Security

 

 

 

 

Contents

Part 1—Preliminary

1  Name 

2  Commencement

3  Authority

4  Schedules

5  Definitions

Part 2—Delegations under the Business Names Registration Act

6  Delegation of the Minister’s functions and powers

7  Direction to the delegate

Part 3—Delegations under the Corporations Act

8  Delegation of the Minister’s powers under Chapter 7

9  Delegation of the Minister’s powers relating to names

10  Directions to the delegate

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

11  Delegation of the Minister’s powers and functions

Schedule 1—Repeals

Ministerial Powers (ASIC) Delegation 2019

Part 1—Preliminary

 

1  Name

  This instrument is the Ministerial Powers (ASIC) Delegations 2021.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The later of:

(a) the day after this instrument is registered; and

(b) 15 April 2021.

 

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the following:

 (a) the Business Names Registration Act 2011; and

 (b) the Corporations Act 2001; and

 (c) the Mutual Assistance in Business Regulation Act 1992.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5  Definitions

Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Business Names Registration Act 2011, Corporations Act 2001 and Mutual Assistance in Business Regulation Act 1992 as appropriate and as in force from time to time.

  In this instrument:

ASIC means the Australian Securities and Investments Commission.

ATO means the Australian Taxation Office.

member, in relation to ASIC, has the same meaning as in section 9 of the Australian Securities and Investments Commission Act 2001.

senior staff member has the same meaning as in the Australian Securities and Investments Commission Act 2001.

staff member has the same meaning as in the Australian Securities and Investments Commission Act 2001.

Part 2—Delegations under the Business Names Registration Act

 

6  Delegation of the Minister’s functions and powers

 (1) Under subsection 80(1) of the Business Names Registration Act 2011, the Minister’s functions and powers under subsections 27(2), 28(2) and 32(3) of that Act are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

 (a) a member of ASIC;

 (b) a senior staff member who is:

 (i) an Executive Director;

 (ii) a Senior Executive Leader;

 (iii) a Senior Executive Specialist.

Note: Subsections 27(2), 28(2) and 32(3) are prescribed by section 13 of the Business Names Registration Regulations 2011.

 (2) Under subsection 80(1) of the Business Names Registration Act 2011, the Minister’s functions and powers under subsections 27(2), 28(2) and 32(3) of that Act are delegated to senior staff members holding, occupying or performing the duties of each of the following offices and positions in the ATO whose services are being made available to assist ASIC in connection with the performance or exercise of ASIC’s functions and powers:

 (a) the Deputy Registrar;

 (b) a Deputy Commissioner;

 (c) an Assistant Commissioner.

7  Direction to the delegate

  For the purposes of subsection 80(2) of Business Names Registration Act 2011, a person delegated a function or power under section 6 of this instrument, must have regard to the Guidelines for Ministerial Consent to Business Names under the Business Names Registration Act 2011 (July 2015), as published on the ASIC website, when exercising the power or function.

Part 3—Delegations under the Corporations Act

 

8  Delegation of the Minister’s powers under Chapter 7

 (1) Under subsection 1101J(1) of the Corporations Act 2001, each of the Minister’s powers under a provision of the Corporations Act 2001 specified in an item of the following table is delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

 (a) a member of ASIC;

 (b) a senior staff member.

 

Item

Provisions of the Corporations Act 2001

Description of the function or power

Licensed markets

1

section 791C

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

2

section 792F

Direct audit of annual report

3

section 792H

Approve change of country by foreign licensee

4

section 793E

Disallow changes to operating rules

5

section 794A

Issue/vary/revoke directions

6

section 794B

Require a special report including an audited special report

7

section 795B

Issue domestic and overseas licence

8

section 795C

Gazette the licence

9

section 796A

Impose/vary/revoke conditions on licence

10

section 797A

Vary licence to take into account name change

11

section 797B

Immediately suspend or cancel licence

12

section 797C

Suspend or cancel licence following hearing and report

13

section 797D

Effect of suspension

14

section 797E

Vary or revoke suspension

15

section 797F

Publication of notice of suspension or cancellation

16

section 798M

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

Licensed CS facilities

17

section 820C

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

18

section 821E

Direct audit of annual report

19

section 821F

Approve change of country by foreign licensee

20

section 822E

Disallow changes to operating rules

21

section 823A

Issue/vary/revoke directions

22

section 823B

Require a special report including an audited special report

23

section 824B

Issue domestic and overseas licence

24

section 824C

Gazette the licence

25

section 825A

Impose/vary/revoke conditions on licence

26

section 826A

Vary licence

27

section 826B

Immediately suspend or cancel licence

28

section 826C

Suspend or cancel licence following hearing and report

29

section 826D

Effect of suspension

30

section 826E

Vary or revoke suspension

31

section 826F

Publication of notice of licence suspension or cancellation

Compensation regimes for financial markets

32

section 881D

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

33

section 882A

Approve compensation arrangements with grant of licence

34

section 882B

Approve compensation arrangements after licence is granted

35

section 882C

Revoke an approval of compensation arrangements

36

section 882D

Issue directions to licensee

37

section 884B

Disallow changes to compensation rules

38

section 884C

Approve changes to compensation arrangements

39

section 885B

Requirements for compensation arrangements to be adequate

40

section 885C

Adequacy of compensation arrangements – losses to be covered

41

section 885J

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

42

section 890H

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

43

section 892K

Request a risk assessment report

44

section 893B

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

Note: The description of a function or power in the table are to assist readers only. They are not intended to affect the interpretation nor limit the function or power referred to in the table.

9  Delegation of the Minister’s powers relating to names

 (1) Under subsection 1345A(1A) of the Corporations Act 2001, the Minister’s functions or powers under subsections 147(2), 601DC(2) and 1213B(6) of that Act are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

 (a) a member of ASIC;

 (b) a senior staff member who is:

 (i) an Executive Director;

 (ii) a Senior Executive Leader;

 (iii) a Senior Executive Specialist.

 (2) Under subsection 1345(1A) of the Corporation Act 2001, the Minister’s functions and powers under subsections 147(2), 601DC(2) and 1213B(6) of that Act are delegated to the senior staff members holding, occupying or performing the duties of each of the following offices and positions in the ATO whose services are being made available to assist ASIC in connection with the performance or exercise of ASIC’s functions and powers:

 (a) the Deputy Registrar;

 (b) a Deputy Commissioner;

 (c) an Assistant Commissioner.

 (3) All previous delegations made under subsection 1345A(1A) of the Corporations Act 2001 are revoked.

10  Directions to the delegate

 (1) A person delegated a function or power under section 8 of this instrument must have regard to the Guidelines for the Exercise of Powers Delegated to ASIC under Chapter 7 of the Corporations Act 2001 (April 2019), as published on the Department of the Treasury’s website, when exercising the power or function.

 (2) For the purposes of subsection 1345A(2) of Corporations Act 2001, a person delegated a function or power under section 9 of this instrument must have regard to the Guidelines for Ministerial Consent to Body Corporate Names under the Corporations Act 2001 (January 2008), as published on the Department of the Treasury’s website, when exercising the power or function.

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

 

11  Delegation of the Minister’s powers and functions

 (1) Under subsection 22(2) of the Mutual Assistance in Business Regulation Act 1992, the Minister’s powers and functions under sections 7, 8 and 9 of that Act are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:

 (a) a member of ASIC;

 (b) a Special Counsel in the Chief Legal Office;

 (c) the Senior Executive Leader, Misconduct and Breach Reporting (position number 15403);

 (d)  the Senior Executive Leader, Financial Services Enforcement, Office of Enforcement (position number 5412);

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

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

Schedule 1—Repeals

 

Ministerial Powers (ASIC) Delegation 2019

1  The whole of the instrument

Repeal the instrument.