1Objects

#### 1 Objects (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.