13Continuing functions of Commonwealth agencies under State and Territory national scheme laws

#### 13 Continuing functions of Commonwealth agencies under State and Territory national scheme laws (1) Commonwealth authorities and officers: (a) have the transitional national scheme functions and powers; and (b) have the functions and powers conferred on them by virtue of the operation of Part 3 of this Act (special transitional arrangements for the ACT). (2) A Commonwealth authority or officer: (a) is not subject to any directions in relation to the performance or exercise of a transitional national scheme function or power; and (b) is not under a duty to perform or exercise a transitional national scheme function or power. (3) Subsection (2) does not apply to the Australian Securities and Investments Commission. > Note: Subsection 271(2) of the Australian Securities and Investments Commission Act 2001 deals with the performance and exercise of transitional national scheme functions by ASIC.