Document ID: chunk:federal_register_of_legislation:C2025C00182:section:11:p1
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 11 (pt 1/3)
Character Range: 40877–43646

11  Corporations legislation functions and powers and other functions and powers
 (1) ASIC has such functions and powers as are conferred on it by or under the corporations legislation (other than the excluded provisions).
 (2) ASIC also has the following functions:
 (a) to provide such staff and support facilities to the Takeovers Panel, the Disciplinary Board and the Review Board as are necessary or desirable for the performance and exercise by the Takeovers Panel, the Disciplinary Board and the Review Board of their respective functions and powers;
 (aa) to provide such staff and support facilities to Financial Services and Credit Panels as are necessary or desirable for the performance and exercise by the panels of their functions and powers;
 (b) to advise the Minister about any changes to the corporations legislation (other than the excluded provisions) that, in ASIC's opinion, are needed to overcome, or would assist in overcoming, any problems that ASIC has encountered in the course of performing or exercising any of its functions and powers.
 (3) ASIC may, on its own initiative or when requested by the Minister, advise the Minister, and make to the Minister such recommendations as it thinks fit, about any matter connected with:
 (a) a proposal to make corporations legislation, or to make amendments of the corporations legislation (other than the excluded provisions); or
 (b) the operation or administration of the corporations legislation (other than the excluded provisions); or
 (c) law reform in relation to the corporations legislation (other than the excluded provisions); or
 (d) companies or a segment of the financial products and financial services industry; or
 (e) a proposal for improving the efficiency of the financial markets.
 (4) ASIC has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.
 (6) Subject to this Act, ASIC has the general administration of this Act.
 (8) ASIC may, with the consent of the Minister, enter into an agreement or arrangement with a State or Territory for the performance of functions or the exercise of powers by ASIC as an agent of the State or Territory.
 (9) ASIC has such functions and powers as are referred to in such an agreement or arrangement. However, ASIC is not under a duty to perform such functions or exercise such powers.
 (9A) ASIC may have functions or powers conferred on it by or under a law of a State or Territory if:
 (a) that law provides for, 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)