Administration of this Act
36 Administration of this Act
Subject to this section, APRA and ASIC each have the general administration of this Act.
See the definition of Regulator in section 8.
ASIC is to perform functions, and exercise powers, under the provisions specified in column 1 of the table, only in relation to the following:
accountable entities that hold an Australian financial services licence (within the meaning of the Corporations Act 2001) or an Australian credit licence (within the meaning of the National Consumer Credit Protection Act 2009);
significant related entities of accountable entities covered by paragraph (a);
accountable persons of accountable entities covered by paragraph (a) or of significant related entities covered by paragraph (b).
However, a failure to comply with this subsection does not invalidate the performance of a function, or the exercise of a power, by ASIC.
Provisions under which ASIC has limited functions and powers | ||
|---|---|---|
Item | Column 1 Provision | Column 2 Subject matter |
1 | Subsection 11(2) | Excluding responsibilities that would otherwise cause someone to be an accountable person |
2 | Sections 17 and 19 | Identifying obligations that are inconsistent with foreign laws |
3 | Subsection 24(5) | Determining the period during which, because of subsection 24(2), (3) or (4), an unregistered person is not prohibited from being an accountable person of an accountable entity or significant related entity |
4 | Subsection 26(3) | Determining what is or is not variable remuneration |
5 | Subsection 27(3) | Determining how to work out the value of variable remuneration |
6 | Subsection 28(5) | Determining circumstances that will end the minimum deferral period for variable remuneration |
7 | Subsection 41(3) | Requesting further information in relation to an application to register an accountable person |
8 | Division 2 of Part 3 of this Chapter | Disqualifying accountable persons |
9 | Part 4 of this Chapter (other than subsection 70(4) and subsection 70(5) so far as it relates to subsection 70(4)) | Regulatory powers and enforcement |
10 | Part 5 of this Chapter | Review of decisions |
11 | Provisions of the Regulatory Powers Act, as they apply for the purposes of a provision of Part 4 of this Chapter | Regulatory powers and enforcement |
The Minister may, by legislative instrument, give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.
This Act’s bill:Explanatory memorandumSecond reading speech
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