58FHMonitoring or investigating—ASIC

58FH Monitoring or investigating—ASIC

(1) This section applies if ASIC is the SPF sector regulator for a regulated sector.

(2) ASIC’s alternative power provisions also apply:

(a) to ASIC in ASIC’s capacity as the SPF sector regulator; and

(b) in relation to the provisions of the SPF code for the sector in a corresponding way to the way:

(i) ASIC’s alternative power provisions (other than those mentioned in subparagraph (ii)) apply in relation to the corporations legislation (other than the excluded provisions); and

(ii) sections 28, 30, 31 to 39, 39B and 39C and subsection 67(2) of the ASIC Act apply in relation to the corporations legislation.

(3) For the purposes of this additional application of ASIC’s alternative power provisions, the Minister may, by legislative instrument, specify modifications of one or more of those provisions to remove any doubt about how those provisions apply in such a corresponding way in relation to the provisions of the SPF code.

Note: The modifications are for this additional application of ASIC’s alternative power provisions, and are not modifications of those provisions as they ordinarily apply.

(4) The instrument has effect accordingly.

(5) In this section:

ASIC Act means the Australian Securities and Investments Commission Act 2001.

ASIC’s alternative power provisions means Divisions 1, 2, 3 (other than sections 30A, 30B and 39A), 7, 9 and 10 of Part 3 of the ASIC Act.

corporations legislation has the same meaning as in the ASIC Act.

excluded provisions has the same meaning as in the ASIC Act.