Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Act 2010

The CEO may make an arrangement with ASIC about the conduct of any proceedings to which section 5 applies.

In particular, an arrangement may provide —

for the performance of functions and the exercise of powers conferred by subsection (3) on ASIC; or

for the performance of functions or the exercise of powers of the CEO in relation to the conduct of proceedings to which section 5 applies by staff members of ASIC.

Subject to subsection (4), ASIC has the functions and powers of the CEO in relation to the conduct of proceedings to which section 5 applies.

ASIC must not perform a function or exercise a power conferred by subsection (3) except in accordance with an arrangement under this section.