Part 11The ASIC Law, and the ASIC Regulations, of South Australia

Part 11—The ASIC Law, and the ASIC Regulations, of South Australia Division 1—Application of ASIC Act and ASIC Regulations 58—Application in South Australia of the ASIC Act (1) The ASIC Act as in force immediately before its repeal, other than the excluded provisions— (a) applies as a law of South Australia; and (b) as so applying, may be referred to as the ASIC Law of South Australia. (2) The excluded provisions of the ASIC Act are— Part 1, except section 6A Divisions 1 and 4 of Part 4 Division 1 of Part 7 Division 1 of Part 10 Division 1 of Part 11 Sections 251 and 252. 59—Application of regulations The regulations in force immediately before the repeal of the ASIC Act under section 251 of that Act— (a) apply as regulations in force for the purposes of the ASIC Law of South Australia; and (b) as so applying, may be referred to as the ASIC Regulations of South Australia. 60—Interpretation of some expressions in ASIC Law, and ASIC Regulations, of South Australia (1) In this Part, and in the ASIC Law, and the ASIC Regulations, of South Australia— Advisory Committee means the Companies and Securities Advisory Committee established by section 145 of the ASIC Act; affairs, in relation to a body corporate, has the same meaning as in section 246AA of the Corporations Law; assist, in relation to a Commission delegate, means— (a) to perform functions— (i) as a member, officer or employee of the Commission delegate; and (ii) in connection with the Commission delegate's performance or exercise of a function or power delegated under section 102 of the ASIC Law; or (b) to perform services for the Commission delegate in connection with the Commission delegate's performance or exercise of a function or power delegated under section 102 of the ASIC Law; Australia includes any external Territory to which the ASIC Act extends; books includes— (a) a register; and (b) financial reports or financial records, however compiled, recorded or stored; and (c) a document; and (d) ADI books; and (e) any other record of information; Chairperson means— (a) except in Part 11 of the ASIC Law or in relation to the Disciplinary Board—the Chairperson of the Commission; and (b) in Part 11 of that Law or in relation to the Disciplinary Board—the Chairperson of the Disciplinary Board; Commission means the Australian Securities and Investments Commission established by section 7 of the ASIC Act; Commission delegate means a person to whom, or a body to which, a function or power is delegated under section 102 of the ASIC Law; contravention, in relation to a law, includes an ancillary offence relating to an offence against that law; court, except in section 248 of the ASIC Law, includes a tribunal having power to require the production of documents or the answering of questions; Deputy Chairperson means the Deputy Chairperson of the Commission; Disciplinary Board means the Companies Auditors and Liquidators Disciplinary Board established by section 202 of the ASIC Act; eligible person, in relation to a person, means a person who— (a) if the first mentioned person is a body corporate—is or has been an officer of the body within the meaning of a national scheme law or a corresponding previous law; or (b) in any case— (i) is or has been an employee, agent, banker, solicitor or auditor of; or (ii) is acting, or has acted, in any other capacity on behalf of, the first mentioned person; examination means— (a) in this section and Part 3 (other than section 27(2) and Division 9) of the ASIC Law—an examination of a person pursuant to a requirement made under section 19 of that Law; or (b) in section 27(2) and Division 9 of Part 3 of the ASIC Law—an examination of a person pursuant to a requirement made under section 19 of the ASIC law or a corresponding provision of the ASIC law of another jurisdiction; expenses, in relation to an investigation under Division 1 of Part 3 of the ASIC Law, includes costs and expenses incurred in relation to a proceeding begun under section 50 of the ASIC Law as a result of the investigation; fail means refuse or fail; foreign country means— (a) an external Territory to which the ASIC Act does not extend; or (b) a country outside Australia and the external Territories; or (c) a part of such a country; give has— (a) in relation to a document—a meaning affected by section 86 of the ASIC Law; and (b) in relation to information—a meaning affected by section 61 of this Act; hearing, in this section and Part 3 of the ASIC law, means a hearing before the Commission and, in sections 52, 54, 55 and 56 of that Law, includes a part of such a hearing; information has a meaning affected by section 61 of this Act; investigate, in relation to the Commission, means investigate in the course of performing or exercising any of the Commission's functions and powers; meeting means— (a) in Part 4 of the ASIC Law, a meeting of the Commission; and (b) in Part 11 of that Law—a meeting of the Disciplinary Board; member means— (a) except in Division 2 of Part 4, or in Part 10, 11, or 14, of the ASIC Law, or in relation to a Division of the Commission, or in relation to the Panel or the Disciplinary Board—a member of the Commission; (b) in Part 10 of that Law or in relation to the Panel—a member of the Panel; (c) in Part 11 of that Law or in relation to the Disciplinary Board—the Chairperson or any other member of the Disciplinary Board; national scheme law means— (a) the following: (i) the Corporations Law of this jurisdiction; (ii) the ASIC Law of this jurisdiction; (iii) this Act; or (b) the following: (i) the Corporations Act; (ii) the Corporations Law of the Capital Territory; (iii) the ASIC Act; or (c) a law of a jurisdiction (other than this jurisdiction or the Capital Territory) that corresponds to an Act or Law referred to in paragraph (a); national scheme law of this jurisdiction means— (a) this Act; or (b) the Corporations Law of South Australia; or (c) the ASIC Law of South Australia; officer, in relation to a body corporate, includes— (a) a director, secretary, executive officer or employee of the body; and (b) a receiver, or a receiver and manager, of property of the body; and (c) an administrator of the body or an administrator of a deed of company arrangement executed by the body; and (d) a liquidator, or a provisional liquidator, of the body; and (e) a trustee or other person administering a compromise or arrangement made between the body and any other person or persons; Panel means the Corporations and Securities Panel established by section 171 of the ASIC Act; Panel proceedings means proceedings before the Panel on— (a) an application made to the Panel under the Corporations Law; or (b) a reference of a decision to the Panel for review under the Corporations Law; power includes an authority; prescribed means prescribed by the ASIC Law or the regulations; President means the President of the Panel; proceeding means— (a) a proceeding in a court; or (b) a proceeding or hearing before, or an examination by or before, a tribunal, whether the proceeding, hearing or examination is of a civil, administrative, criminal, disciplinary or other nature; produce, except in Part 3 of the ASIC Law, includes permit access to; property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes a thing in action and money; record, in relation to an examination, means the whole or a part of a record made under section 24 of the ASIC Law of statements made at the examination; regulations means the ASIC Regulations of this jurisdiction; report includes an interim report; staff member means— (a) a member of the staff referred to in section 120(1) of the ASIC Act or a person employed under section 120(3) of that Act; or (b) a person engaged under section 121(1) of that Act; or (c) any of the officers, employees and persons who under section 122 of that Act are to assist the Commission; statement, in relation to an examination, includes a question asked, an answer given, and any other comment or remark made, at the examination; Territory means— (a) the Capital Territory; or (b) an external Territory to which the ASIC Act extends; this Act, except in this Part, means the ASIC Law, and includes the regulations; this jurisdiction means South Australia; this Law includes the regulations; tribunal means— (a) a tribunal in Australia; or (b) any other body, authority or person in Australia having power, by law or by consent of parties, to hear, receive or examine evidence; witness means— (a) in relation to a hearing before the Commission—a person appearing at the hearing to give evidence; or (b) in relation to Panel proceedings—a person appearing in the proceedings to give evidence; written record, in relation to an examination, means— (a) a record of the examination— (i) that is made in writing; or (ii) as reduced to writing; or (b) a part of such a record. (2) Subject to the ASIC Law of this jurisdiction, an expression has the same meaning in that Law and in the ASIC Regulations of this jurisdiction as in the Corporations Law of this jurisdiction. 61—Giving information A reference in the ASIC Law, and the ASIC Regulations, of South Australia to giving information includes a reference to— (a) explaining or stating a matter; or (b) identifying a person, matter or thing; or (c) disclosing information; or (d) answering a question. 62—Interpretation law (1) Except so far as the contrary intention appears in the ASIC Law of South Australia— (a) Part 1.2 (except section 8) of the Corporations Law of South Australia applies; and (b) subject to paragraph (a), the Acts Interpretation Act 1901 of the Commonwealth as in force at the commencement of section 5(5) of the ASIC Act applies as law of South Australia, in relation to the ASIC Law, and the ASIC Regulations, of South Australia and any instrument made, granted or issued under that Law or those Regulations (other than application orders made for the purposes of that Law under section 111A of the Corporations Law of this jurisdiction) and so apply as if that Law were an Act of the Commonwealth and those Regulations or instruments were regulations or instruments made under such an Act. (2) The Acts Interpretation Act 1915 does not apply in relation to the ASIC Law, or the ASIC Regulations, of South Australia or an application order or any other instrument made, granted or issued under that Law or those Regulations. Division 2—Citing the ASIC Law and the ASIC Regulations 63—Alternative citations of the ASIC Law, and the ASIC Regulations, of South Australia (1) The ASIC Law of South Australia may be referred to simply as the ASIC Law. (2) The ASIC Regulations of South Australia may be referred to simply as the ASIC Regulations. (3) This section has effect subject to section 65. 64—References to ASIC Law, and ASIC Regulations, of another jurisdiction (1) This section has effect for the purposes of an Act, a law of South Australia or an instrument made under an Act or under such a law. (2) Where a law of a jurisdiction other than South Australia contains provisions corresponding to sections 5 and 6 of the Corporations Act and also provides for provisions of the ASIC Act to apply as law of that jurisdiction, those provisions of the ASIC Act, as so applying, are the ASIC Law of that jurisdiction. (3) Where a law of a jurisdiction other than South Australia provides for the regulations under section 251 of the ASIC Act to apply for the purposes of the ASIC Law of that jurisdiction, those regulations as so applying are the ASIC Regulations of that jurisdiction. 65—References to ASIC Law and ASIC Regulations (1) The object of this section is to help ensure that, so far as possible— (a) the bodies established by the ASIC Act and the staff of those bodies, can perform functions and exercise powers; and (b) persons can have dealings with those bodies, as if the ASIC Act, the ASIC Law of South Australia and the ASIC Law of each other State, constituted a single national ASIC Law applying of its own force throughout Australia. (2) Subject to this section, a reference in an instrument to the ASIC Law, or to the ASIC Regulations, is to be taken, for the purposes of the laws of South Australia— (a) to be a reference to the ASIC Law, or to the ASIC Regulations, of South Australia; and (b) to include a separate reference to the ASIC Law, or to the ASIC Regulations, of each jurisdiction other than South Australia. (3) Subsection (2) has effect except so far as the contrary intention appears in the instrument, or the context of the reference otherwise requires. (4) Without limiting subsection (3), subsection (2) does not apply in relation to a reference expressed as a reference to the ASIC Law, or to the ASIC Regulations, of a jurisdiction. instrument means— (a) an Act or an instrument made under an Act; or (b) a law of South Australia or an instrument made under such a law; or (c) an award or other industrial determination or order, or an industrial agreement; or (d) any other order (whether executive, judicial or otherwise); or (e) a notice, certificate or licence; or (f) an agreement; or (g) an application made, information laid, affidavit sworn, or warrant issued, for any purpose; or (h) an indictment, presentment, summons or writ; or (i) any other pleading in, or process issued in connection with, a legal or other proceeding; or (j) any other document whatever. Division 3—The Commission 66—Conferral of functions and powers on Commission (1) The Commission has the functions and powers conferred or expressed to be conferred on it under a national scheme law of this jurisdiction. (2) The Commission also has the functions and powers conferred or expressed to be conferred upon the NCSC by or under a Code that is a relevant Code for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) (South Australia) Code. 68—Conferral of other functions and powers for purposes of law in South Australia The Commission has power to do acts in South Australia in the performance or exercise of any function or power expressed to be conferred on the Commission by a national scheme law of another jurisdiction.