11National scheme functions and powers and other functions and powers conferred by the States and Territories

#### 11 National scheme functions and powers and other functions and powers conferred by the States and Territories (1) The Commission has such functions and powers as are conferred on it by or under the following: (a) the Corporations Act 1989; (b) the Corporations Law of the Capital Territory; (c) this Act (other than section 12A and Division 2 of Part 2). (1A) The Commission also has the functions and powers expressed to be conferred upon the NCSC by or under: (a) any Act that is a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980; or (b) any law of a State that corresponds to such an Act. (1B) In the performance of a function, or the exercise of a power, referred to in paragraph (1A)(a), the Commission is not subject to any directions other than directions given under section 12. (2) The Commission also has the following functions: (a) to provide such staff and support facilities to the Panel, the Disciplinary Board and the Review Board as are necessary or desirable for the performance and exercise by the Panel, the Disciplinary Board and the Review Board of their respective functions and powers; (b) to advise the Minister about any changes to a national scheme law that, in the Commission’s opinion, are needed to overcome, or would assist in overcoming, any problems that the Commission has encountered in the course of performing or exercising any of its functions and powers. (3) The Commission may, on its own initiative or when requested by the Minister, advise the Minister, and make to the Minister such recommendations as it thinks fit, about any matter of a kind referred to in section 148. (4) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. (6) Subject to this Act, the Commission has the general administration of this Act. (7) The Commission has any functions and powers that are expressed to be conferred on it by a national scheme law of another jurisdiction. (8) The Commission may, with the consent of the Minister, enter into an agreement or arrangement with a State or Territory for the performance of functions or the exercise of powers by the Commission as an agent of the State or Territory. (9) The Commission has such functions and powers as are referred to in such an agreement or arrangement. (9A) The Commission may have functions or powers conferred on it by or under a law of a State or Territory if: (a) that law provides for, or relates to, the repeal, amendment or termination (however described) of the operation of, any of the replaced legislation within the meaning of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; and (b) the conferral of the powers or functions is in accordance with: (i) provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or (ii) an approval given by the Minister for the purposes of this subsection. The Commission has the functions and powers so conferred by that law. (10) The Commission has power to do acts in the Capital Territory in the performance or exercise of any function or power: (a) expressed to be conferred on the Commission by a national scheme law of another jurisdiction; or (b) referred to in an agreement or arrangement of the kind referred to in subsection (8).