Document ID: chunk:federal_register_of_legislation:C2025C00182:section:11:p2
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 11 (pt 2/3)
Character Range: 43394–46151

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.
ASIC has the functions and powers so conferred by that law. However, ASIC is not under a duty to perform such functions or exercise such powers.
 (10) ASIC may, with the written consent of the Minister, enter into an agreement or arrangement with a regulatory body of a foreign country under which ASIC undertakes to assist that regulatory body to ascertain whether Australian auditors comply with audit requirements that are:
 (a) imposed by or under laws of that foreign country; or
 (b) adopted as professional standards in that foreign country.
 (11) The Minister may, in writing, vary or revoke the Minister's consent mentioned in subsection (10).
 (12) If ASIC enters into an agreement or arrangement with a regulatory body under subsection (10), it must, as soon as practicable after entering into that agreement or arrangement, by notice published in the Gazette:
 (a) set out the identifying particulars of the regulatory body; and
 (b) give brief particulars of the agreement or arrangement entered into; and
 (c) identify the audit requirements to which the agreement or arrangement relates.
 (13) A notice published under subsection (12) is not a legislative instrument.
 (14) ASIC has the following functions:
 (a) to assist a regulatory body with which it has entered into an agreement or arrangement under subsection (10) to examine the policies and working practices of an Australian auditor, so as to help the regulatory body to ascertain compliance with audit requirements to which the agreement or arrangement relates;
 (b) to disclose to a regulatory body with which it has entered into an agreement or arrangement under subsection (10) the information that ASIC has obtained in assisting in such an examination.
 (15) In performing the function referred to in paragraph (14)(a), ASIC may examine policies and working practices of an auditor in general or in their application to particular audits or in both of those respects.
 (16) ASIC is not under a duty to perform a function referred to in subsection (14) or to exercise a power in relation to such a function.
 (16A) ASIC has the functions and powers of a home regulator or a host regulator for a