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Commonwealth act
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Direct links to the current provisions in Australian Securities and Investments Commission Act 1989.
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An Act to provide for the Australian Securities and Investments Commission, a Companies and Securities Advisory Committee and certain other bodies, and for other purposes
(1) The objects of this Act are: (a) to provide for the Australian Securities and Investments Commission which will administer such laws of: (i) the Commonwealth; and (ii) the Capital Territory; and (iii) the States and the other Territories; as confer functions and powers under those laws on the Commission; and (b) to provide for the functions, powers and business of the Commission; and (c) to establish a Companies and Securities Advisory Committee to provide informed and expert advice to the Minister about the content, operation and administration of those laws, about corporations and about the securities markets and futures markets; and (d) to establish a Corporations and Securities Panel, a Companies Auditors and Liquidators Disciplinary Board, an Australian Accounting Standards Board and a Parliamentary Joint Committee on Corporations and Securities. (2) In performing its functions and exercising its powers, the Commission must strive to: (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (b) promote the confident and informed participation of investors and consumers in the financial system; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (f) ensure that information is available as soon as practicable for access by the public; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. (3) This Act has effect, and is to be interpreted, accordingly. (4) Despite subsection (1), this Act is taken not to be, for the purposes of subsection 22(3) of the Acts Interpretation Act 1901, an Act providing for the administration or government of a Territory.
This Act may be cited as the Australian Securities and Investments Commission Act 1989.
(1) This Act (except section 12A and Division 2 of Part 2) may also be referred to as the ASIC Law of the Australian Capital Territory or, subject to section 1D, simply as the ASIC Law. (2) Regulations under section 251 may be referred to as the ASIC Regulations of the Australian Capital Territory or, subject to section 1D, simply as the ASIC Regulations.
(1) This section has effect for the purposes of an Act, a law of the Australian Capital Territory, or an instrument made under an Act or under such a law. (2) Where a law of a jurisdiction other than the Capital Territory contains provisions corresponding to sections 5 and 6 of the Corporations Act 1989 and also provides for provisions of this Act to apply as law of that jurisdiction, those provisions of this Act, as so applying, are the ASIC Law of that jurisdiction. (3) Where a law of a jurisdiction other than the Capital Territory provides for the regulations in force for the time being under section 251 of this Act to apply for the purposes of the ASIC Law of that jurisdiction, those regulations as so applying are the ASIC Regulations of that jurisdiction.
(1) The object of this section is to help ensure that, so far as possible: (a) the bodies established by the ASIC Law of the Capital Territory, and the staff of those bodies, can perform functions and exercise powers; and (b) persons can have dealings with those bodies; as if the ASIC Law of the Capital Territory, together with the ASIC Law of each jurisdiction other than the Capital Territory, constituted a single national ASIC Law applying of its own force throughout Australia. (2) Subject to this section, a reference in an instrument to the ASIC Law, or to the ASIC Regulations, is to be taken, for the purposes of the laws of the Commonwealth and of the laws of the Capital Territory: (a) to be a reference to the ASIC Law, or to the ASIC Regulations, of the Capital Territory; and (b) to include a separate reference to the ASIC Law, or to the ASIC Regulations, of each jurisdiction other than the Capital Territory. (3) Subsection (2) has effect except so far as the contrary intention appears in the instrument, or the context of the reference otherwise requires. (4) Without limiting subsection (3), subsection (2) does not apply in relation to a reference expressed as a reference to the ASIC Law, or to the ASIC Regulations, of a jurisdiction. (5) In this section:
instrument means:
(a) an Act or an instrument made under an Act; or
(b) a law of the Capital Territory or an instrument made under such a law; or
(c) an award or other industrial determination or order, or an industrial agreement; or
(d) any other order (whether executive, judicial or otherwise); or
(e) a notice, certificate or licence; or
(f) an agreement; or
(g) an application made, information laid, affidavit sworn, or warrant issued, for any purpose; or
(h) an indictment, presentment, summons or writ; or
(j) any other pleading in, or process issued in connection with, a legal or other proceeding; or
(k) any other document whatever.
Subject to section 1D, section 1B is not intended to prevent a law of a jurisdiction other than the Capital Territory from: (a) providing that the ASIC Law, or the ASIC Regulations, of that jurisdiction may be referred to simply as the ASIC Law, or the ASIC Regulations; or (b) providing for how a reference to the ASIC Law, or to the ASIC Regulations, is to be interpreted for the purposes of the laws of that jurisdiction.
(1) Part 1 shall commence on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act shall commence on a day, or respective days, to be fixed by Proclamation.
This Act extends to such external Territories (if any) as are prescribed.
(1) In this Act, unless the contrary intention appears:
AASB means the Australian Accounting Standards Board established by section 226.
absent from office, in relation to a holder of an office, means:
(a) absent from duty or from Australia; or
(b) unable, for any reason, to perform the functions of the office.
Advisory Committee means the Companies and Securities Advisory Committee established by section 145.
affairs, in relation to a body corporate, has the same meaning as in section 232 of the Corporations Law.
APRA means the Australian Prudential Regulation Authority.
assist, in relation to a Commission delegate, means:
(a) to perform functions:
(i) as a member, officer or employee of the Commission delegate; and
(ii) in connection with the Commission delegate’s performance or exercise of a function or power delegated under section 102; or
(b) to perform services for the Commission delegate in connection with the Commission delegate’s performance or exercise of a function or power delegated under section 102.
Australia includes any external Territory to which this Act extends.
books includes:
(a) a register;
(b) financial reports or financial records, however compiled, recorded or stored;
(c) a document;
(d) banker’s books; and
(e) any other record of information.
Chairperson means:
(a) except in Part 11 or in relation to the Disciplinary Board—the Chairperson of the Commission; and
(b) in Part 11 or in relation to the Disciplinary Board—the Chairperson of the Disciplinary Board.
Commission means the Australian Securities and Investments Commission.
Commission delegate means a person to whom, or a body to which, a function or power is delegated under section 102.
contravention, in relation to a law, includes an ancillary offence relating to an offence against that law.
Convenor means the Convenor of the Advisory Committee.
Corporations Law and Corporations Regulations have the meaning provided for by Parts 2 and 3 of the Corporations Act 1989.
court, except in section 248, includes a tribunal having power to require the production of documents or the answering of questions.
Deputy Chairperson means the Deputy Chairperson of the Commission.
Disciplinary Board means the Companies Auditors and Liquidators Disciplinary Board established by section 202.
eligible employee has the same meaning as in the Superannuation Act 1976.
eligible person, in relation to a person, means a person who:
(a) if the first‑mentioned person is a body corporate—is or has been an officer of the body within the meaning of a national scheme law or a corresponding previous law; or
(b) in any case:
(i) is or has been an employee, agent, banker, solicitor or auditor of; or
(ii) is acting, or has acted, in any other capacity on behalf of;
the first‑mentioned person.
examination means:
(a) in this section, and Part 3 (other than subsection 27(2) and Division 9)—an examination of a person pursuant to a requirement made under section 19; or
(b) in subsection 27(2) and Division 9 of Part 3—an examination of a person pursuant to a requirement made under section 19 or a corresponding provision of the ASIC Law of another jurisdiction.
expenses, in relation to an investigation under Division 1 of Part 3, includes costs and expenses incurred in relation to a proceeding begun under section 50 as a result of the investigation.
fail means refuse or fail.
foreign country means:
(a) an external Territory to which this Act does not extend; or
(b) a country outside Australia and the external Territories; or
(c) a part of such a country.
FRC means the Financial Reporting Council established by section 225.
give has:
(a) in relation to a document—a meaning affected by section 86; and
(b) in relation to information—a meaning affected by section 6.
hearing, in this section and Part 3, means a hearing before the Commission and, in sections 52, 54, 55 and 56, includes a part of such a hearing.
House means a House of the Parliament.
information has a meaning affected by section 6.
international accounting standards means accounting standards made by:
(a) the Board of the International Accounting Standards Committee; or
(b) another body specified by the regulations.
investigate, in relation to the Commission, means investigate in the course of performing or exercising any of the Commission’s functions and powers.
meeting means:
(a) in Part 4—a meeting of the Commission;
(b) in Part 9—a meeting of the Advisory Committee;
(c) in Part 11—a meeting of the Disciplinary Board.
member means:
(a) except in Division 2 of Part 4, in Part 9, 10, 11, 12 or 14, or in relation to a Division, the Advisory Committee, the Panel, the Disciplinary Board, the FRC, the AASB or the Parliamentary Committee—a member of the Commission;
(b) in Part 9 or in relation to the Advisory Committee—a member of the Advisory Committee;
(c) in Part 10 or in relation to the Panel—a member of the Panel;
(d) in Part 11 or in relation to the Disciplinary Board—the Chairperson or any other member of the Disciplinary Board;
(e) in relation to the FRC—a member of the FRC; and
(ea) in relation to the AASB—a member of the AASB; and
(f) in Part 14 or in relation to the Parliamentary Committee—a member of the Parliamentary Committee.
national scheme law means:
(a) the following:
(i) the Corporations Act 1989;
(ii) the Corporations Law of the Capital Territory;
(iii) this Act (other than section 12A and Division 2 of Part 2); or
(b) a law of another jurisdiction that corresponds to an Act or Law referred to in paragraph (a).
national scheme law of this jurisdiction means an Act or Law referred to in paragraph (a) of the definition of national scheme law in this subsection.
non‑applied provisions means the following provisions of this Act:
Part 1 (other than section 6A)
Part 2
Section 88
Divisions 1 and 4 of Part 4
Part 5
Part 6
Division 1 of Part 7
Part 8
Part 9
Division 1 of Part 10
Division 1 of Part 11
Part 12
Part 14
Sections 251 and 252.
officer, in relation to a body corporate, includes:
(a) a director, secretary, executive officer or employee of the body;
(b) a receiver, or a receiver and manager, of property of the body;
(ba) an administrator of the body;
(bb) an administrator of a deed of company arrangement executed by the body;
(c) an official manager, or a deputy official manager, of the body;
(d) a liquidator, or a provisional liquidator, of the body; and
(e) a trustee or other person administering a compromise or arrangement made between the body and any other person or persons.
Panel means the Corporations and Securities Panel established by section 171.
Panel proceedings means proceedings before the Panel on:
(a) an application made to the Panel under the Corporations Law; or
(b) a reference of a decision to the Panel for review under the Corporations Law.
Parliamentary Committee means the Parliamentary Joint Committee on Corporations and Securities referred to in section 241.
penalty unit means $100.
power includes an authority.
prescribed means prescribed by this Act or the regulations.
President means the President of the Panel.
proceeding means:
(a) a proceeding in a court; or
(b) a proceeding or hearing before, or an examination by or before, a tribunal;
whether the proceeding, hearing or examination is of a civil, administrative, criminal, disciplinary or other nature.
produce, except in Part 3, includes permit access to.
property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes a thing in action and money.
record, in relation to an examination, means the whole or a part of a record made under section 24 of statements made at the examination.
regulations means the ASIC Regulations of this jurisdiction.
report includes an interim report.
staff member means:
(a) a member of the staff referred to in subsection 120(1) or a person employed under subsection 120(3);
(b) a person engaged under subsection 121(1); or
(c) any of the officers, employees and persons who under section 122 are to assist the Commission.
statement, in relation to an examination, includes a question asked, an answer given, and any other comment or remark made, at the examination.
superannuation benefits includes:
(a) benefits in the nature of superannuation benefits; and
(b) benefits similar to benefits provided under the Superannuation Act 1976; and
(c) benefits similar to the benefits provided under th
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