Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, by writing under its common seal, delegate to a person all or any of its functions and powers.
(2) ASIC must not, without the Minister's approval, delegate a function or power to a person other than:
(a) a member; or
(b) a staff member; or
(c) a person who, by virtue of the regulations, is a prescribed person in relation to the delegation; or
(d) a person appointed by the Chair of APRA under section 45 of the Australian Prudential Regulation Authority Act 1998 ; or
(e) a member of the staff of the Australian Competition and Consumer Commission referred to in subsection 27(1) of the Competition and Consumer Act 2010 ; or
(f) a Financial Services and Credit Panel.
(2A) ASIC must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 , unless the Chief Executive Officer of APRA has agreed to the delegation in writing.
(2B) ASIC must not delegate a function or power to:
(a) a person referred to in paragraph (2)(e); or
(b) a person engaged under section 27A of the Competition and Consumer Act 2010 ;
unless the Chairperson of the Australian Competition and Consumer Commission has agreed to the delegation in writing.
(2C) ASIC must not delegate a function or power under section 12GLC, or under Subdivision GB or GC of Division 2 of Part 2 of this Act or under Part 7.9A of the Corporations Act 2001 or Part 6 - 7A of the National Consumer Credit Protection Act 2009 , to a person other than:
(a) a member of ASIC; or
(b) a senior staff member.
Note: Senior staff members are identified in determinations under section 122A.
(2D) ASIC must not delegate a function or power under:
(a) Part 7.9A of the Corporations Act 2001 ; or
(b) Part 6 - 7A of the National Consumer Credit Protection Act 2009 ;
that has been delegated to it under that Act by the Minister.
(3) In subsections (1) and (2):
"person" includes a body.
(4) In exercising its power under subsection (1), ASIC must seek to ensure that:
(a) the persons who make decisions affecting a particular business community are located as close to that community as practicable; and
(b) for the purposes of the corporations legislation (other than the excluded provisions)--members of business communities in the States and Territories in this jurisdiction have prompt and convenient access to decision - making and to ASIC's facilities; and
(c) for the purposes of Division 2 of Part 2--members of business communities throughout Australia have prompt and convenient access to decision - making and to ASIC's facilities.
(5) In the performance of a function, or the exercise of a power, delegated under this section, the delegate is subject to ASIC's directions.
(6) Where a function or power conferred on ASIC by or under a law (including this Act) and delegated under this section is performed or exercised by the delegate, it is, for the purposes of that law and this Act, taken to have been performed or exercised by ASIC.