sec.18Conferral of functions on ASIC

sec.18 Conferral of functions on ASIC

Neither a declaratory provision nor an applied law operates to confer a function on ASIC in relation to the applied law unless— the declaratory provision provides for ASIC to perform that function pursuant to an agreement or arrangement of the kind referred to in section 11 (8) or (9A) (b) of the new ASIC Act ; and ASIC is authorised to perform that function under section 11 of the new ASIC Act . If a declaratory provision operates to confer a function on ASIC in relation to an applied law, the conferral of that function is taken not to impose a duty to perform that function despite anything to the contrary in the applied law. (sec.18-ssec.1) Neither a declaratory provision nor an applied law operates to confer a function on ASIC in relation to the applied law unless— the declaratory provision provides for ASIC to perform that function pursuant to an agreement or arrangement of the kind referred to in section 11 (8) or (9A) (b) of the new ASIC Act ; and ASIC is authorised to perform that function under section 11 of the new ASIC Act . (sec.18-ssec.2) If a declaratory provision operates to confer a function on ASIC in relation to an applied law, the conferral of that function is taken not to impose a duty to perform that function despite anything to the contrary in the applied law.

• (a) the declaratory provision provides for ASIC to perform that function pursuant to an agreement or arrangement of the kind referred to in section 11 (8) or (9A) (b) of the new ASIC Act ; and
• (b) ASIC is authorised to perform that function under section 11 of the new ASIC Act .