Australian Securities and Investments Commission Act 2001

Transcription

1 Australian Securities and Investments Commission Act 2001 No. 51, 2001 Compilation No. 69 Compilation date: 4 October 2018 Includes amendments up to: Act No. 122, 2018 Registered: 17 October 2018

2 About this compilation This compilation This is a compilation of the Australian Securities and Investments Commission Act 2001 that shows the text of the law as amended and in force on 4 October 2018 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self-repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

3 3 Part 3 Investigations and information-gathering Division 1 Investigations 13 General powers of investigation (1) ASIC may make such investigation as it thinks expedient for the due administration of the corporations legislation (other than the excluded provisions) where it has reason to suspect that there may have been committed: (a) a contravention of the corporations legislation (other than the excluded provisions); or (b) a contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction, being a contravention that: (i) concerns the management or affairs of a body corporate or managed investment scheme; or (ii) involves fraud or dishonesty and relates to a body corporate or managed investment scheme or to financial products. (2) Where ASIC has reason to suspect that unacceptable circumstances within the meaning of Subdivision B of Division 2 of Part 6.10 of the Corporations Act have, or may have, occurred, ASIC may make such investigation as it thinks expedient: (a) for the purposes of determining whether or not to make an application under section 657C of that Act; or (b) otherwise for the due administration of the corporations legislation (other than the excluded provisions). (3) If ASIC has reason to suspect that a registered liquidator: (a) has not, or may not have, faithfully performed his or her duties; or (b) is not, or may not be, faithfully performing his or her duties; ASIC may make such investigation as it thinks expedient for the due administration of the corporations legislation (other than the excluded provisions). (6) If ASIC has reason to suspect that a contravention of a provision of Division 2 of Part 2 may have been committed, ASIC may make such investigation as it thinks appropriate.

4 4 Division 2 Examination of persons 19 Notice requiring appearance for examination (1) This section applies where ASIC, on reasonable grounds, suspects or believes that a person can give information relevant to a matter that it is investigating, or is to investigate, under Division 1. (2) ASIC may, by written notice in the prescribed form given to the person, require the person: (a) to give to ASIC all reasonable assistance in connection with the investigation; and (b) to appear before a specified member or staff member for examination on oath and to answer questions. Failure to comply with a requirement made under this subsection is an offence (see section 63). (3) A notice given under subsection (2) must: (a) state the general nature of the matter referred to in subsection (1); and (b) set out the effect of subsection 23(1) and section 68.

5 Division 7 Offences 63 Non-compliance with requirements made under this Part (1) A person must not intentionally or recklessly fail to comply with a requirement made under: (a) section 19; or (b) subsection 21(3); or (c) section 30, 30A, 30B, 31, 32A, 33 or 34; or (d) subsection 37(9); or (e) section 38; or (f) section 39. Penalty: 100 penalty units or imprisonment for 2 years, or both. (2) A person must not fail to comply with a requirement made under section 41, 42, 43 or 44. Penalty: 50 penalty units or imprisonment for 12 months, or both. (3) A person must not fail to comply with a requirement made under subsection 21(1) or 29(2), paragraph 24(2)(a) or subsection 49(3) or 58(1), (2) or (4). Penalty: 10 penalty units or imprisonment for 3 months, or both. (4) A person must comply with a requirement made under subsection 23(2) or 48(2). Penalty: 5 penalty units. (5) Subsections (1), (1A), (2) and (3) do not apply to the extent that the person has a reasonable excuse. (6) Paragraph (1)(d) does not apply to the extent that the person has explained the matter to the best of his or her knowledge or belief. (7) Paragraph (1)(e) does not apply to the extent that the person has stated the matter to the best of his or her knowledge or belief. (8) Paragraph (1)(f) does not apply to the extent that the person has, to the extent that the person is capable of doing so, performed the acts referred to in paragraphs 39(a) and (b).