Australian Government

Federal Register of Legislation

Australian Securities and Investments Commission Act 2001

In force

Administered by

Department of the Treasury

Latest version

C2023C00467 (C97)

28 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 and sustainability 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 39—Application provisions relating to the Treasury Laws Amendment (More Competition, Better Prices) Act 2022
- 342 Amendments relating to unfair contract terms
- 343 Application of sections 12BLA and 12BLB
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