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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 5

Interpretation

             (1)  In this Act, unless the contrary intention appears:

"AASB" means the Australian Accounting Standards Board.

"absent from office" , in relation to a holder of an office, means:

                     (a)  absent from duty or from Australia; or

                     (b)  unable, for any reason, to perform the functions of the office.

"accounting member" of the Disciplinary Board has the meaning given by subsection 203(1A).

"affairs" , in relation to a body corporate, has the same meaning as in section 232 of the Corporations Act.

"APRA" means the Australian Prudential Regulation Authority.

"ASIC" means the Australian Securities and Investments Commission.

"ASIC delegate" means a person to whom, or a body to which, a function or power is delegated under section 102.

"assist" , in relation to an ASIC delegate, means:

                     (a)  to perform functions:

                              (i)  as a member, officer or employee of the ASIC delegate; and

                             (ii)  in connection with the ASIC delegate's performance or exercise of a function or power delegated under section 102; or

                     (b)  to perform services for the ASIC delegate in connection with the ASIC delegate's performance or exercise of a function or power delegated under section 102.

"AUASB" means the Auditing and Assurance Standards Board.

"audit deficiency report" has the meaning given by subsection 50C(1).

"Australia" means the Commonwealth of Australia and, when used in a geographical sense, includes each Territory.

Note 1:       The Australian Capital Territory, the Jervis Bay Territory, the Northern Territory, Norfolk Island and the Territories of Christmas Island and of Cocos (Keeling) Islands are covered by the definition of Territory in this subsection.

Note 2:       The meaning of Australia is affected by subsection 4(3) (when used in a provision applying in an external Territory).

"Australian auditor" means:

                     (a)  an individual auditor; or

                     (b)  an audit firm; or

                     (c)  an audit company;

that is conducting, or that has conducted, audits undertaken for the purposes of the Australian Charities and Not-for-profits Commission Act 2012 or the Corporations Act and includes a registered company auditor who is participating in, or has participated in, audits of that kind.

"benefit derived and detriment avoided" :

                     (a)  because of an offence--has the meaning given by section 93F; and

                     (b)  because of the contravention of a civil penalty provision--has the meaning given by section 12GBCE.

"books" includes:

                     (a)  a register; and

                     (b)  financial reports or financial records, however compiled, recorded or stored; and

                     (c)  a document; and

                     (d)  banker's books; and

                     (e)  any other record of information.

"business member" of the Disciplinary Board has the meaning given by subsection 203(1A).

"Chairperson" means:

                     (a)  except in Part 11 or in relation to the Disciplinary Board--the Chairperson of ASIC; and

                     (b)  in Part 11 or in relation to the Disciplinary Board--the Chairperson of the Disciplinary Board.

"Commonwealth" means the Commonwealth of Australia and, when used in a geographical sense, includes each Territory.

Note:          The Australian Capital Territory, the Jervis Bay Territory, the Northern Territory, Norfolk Island and the Territories of Christmas Island and of Cocos (Keeling) Islands are covered by the definition of Territory in this subsection.

"contravention" :

                     (a)  in relation to an offence against a law--includes an ancillary offence relating to the offence against the law; and

                     (b)  in relation to a civil penalty provision--has a meaning affected by section 12GBCL.

" Corporations Act" means the Corporations Act 2001 and regulations and rules made under that Act.

"corporations legislation" means:

                     (a)  this Act; and

                     (b)  the Corporations Act.

"court" , except in section 248, includes a tribunal having power to require the production of documents or the answering of questions.

"crowd-funding service" has the same meaning as in Chapter 7 of the Corporations Act 2001 .

"CSC" (short for Commonwealth Superannuation Corporation) has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .

"Deputy Chairperson" means a Deputy Chairperson of ASIC.

"Disciplinary Board" means the Companies Auditors Disciplinary Board.

"eligible employee" has the same meaning as in the Superannuation Act 1976 .

"eligible person" , in relation to a person, means a person who:

                     (a)  if the first-mentioned person is a body corporate (other than a CCIV)--is or has been an officer of the body within the meaning of the corporations legislation (other than the excluded provisions); or

                    (aa)  if the first-mentioned person is a CCIV--is or has been:

                              (i)  an officer of the CCIV; or

                             (ii)  an officer of an officer of the CCIV; or

                     (b)  in any case:

                              (i)  is or has been an employee, agent, banker, solicitor or auditor of; or

                             (ii)  is acting, or has acted, in any other capacity on behalf of;

                            the first-mentioned person.

Note:          For paragraph (aa), officer is defined in this subsection.

"engage in conduct" :

                     (a)  in Division 2 of Part 2--has the meaning given by subsection 12BA(2); and

                     (b)  in the other provisions of this Act--means do an act or omit to do an act.

"examination" means an examination of a person pursuant to a requirement made under section 19.

"excluded provisions" means section 12A and Division 2 of Part 2.

"expenses" , in relation to an investigation under Division 1 of Part 3, includes costs and expenses incurred in relation to a proceeding begun under section 50 as a result of the investigation.

"external Territory" :

                     (a)  means a Territory referred to in section 122 of the Constitution, where an Act makes provision for the government of the Territory as a Territory; but

                     (b)  does not include a Territory covered by the definition of Territory in this subsection.

Note:          The Australian Capital Territory, the Jervis Bay Territory, the Northern Territory, Norfolk Island and the Territories of Christmas Island and of Cocos (Keeling) Islands are covered by the definition of Territory in this subsection.

"fail" means refuse or fail.

"financial product" :

                     (a)  in Division 2 of Part 2--has the meaning given by section 12BAA; and

                     (b)  in the other provisions of this Act--has the same meaning as it has in Chapter 7 of the Corporations Act.

"financial service" :

                     (a)  in Division 2 of Part 2--has the meaning given by section 12BAB; and

                     (b)  in the other provisions of this Act--has the same meaning as it has in Chapter 7 of the Corporations Act.

Note:          Some provisions of Chapter 7 of that Act have a modified meaning when applying to CCIVs (see Part 8B.7 of that Act).

"Financial Services and Credit Panel" means a panel convened under subsection 139(1).

"foreign business law" means:

                     (a)  a law of a foreign country that regulates, or relates to the regulation of, business or persons engaged in business; or

                     (b)  a law, or rules or regulations (however described), that an international business regulator administers or enforces.

"foreign country" includes:

                     (a)  a part of a foreign country; and

                     (b)  when used in a provision of this Act that does not apply (either generally or in particular circumstances) to a particular external Territory--that external Territory (but only to the extent that the provision does not apply in that external Territory).

"FRC" means the Financial Reporting Council.

"give" has:

                     (a)  in relation to a document--a meaning affected by section 86; and

                     (b)  in relation to information--a meaning affected by section 6.

"hearing" , in this section and Part 3, means a hearing before ASIC and, in sections 52, 54, 55 and 56, includes a part of such a hearing.

"House" means a House of the Parliament.

"information" has a meaning affected by section 6.

"international accounting standards" means accounting standards made by:

                     (a)  the International Accounting Standards Board; or

                     (b)  another body specified by the regulations.

"international auditing standards" means auditing standards made by:

                     (a)  the International Auditing and Assurance Standards Board; or

                     (b)  another body specified by the regulations.

"international business regulator" means a body that satisfies the following conditions:

                     (a)  the body has functions relating to the regulation, in 2 or more countries, of business, or persons engaged in business;

                     (b)  those functions are conferred on the body by:

                              (i)  a law or laws in force in those countries; or

                             (ii)  a treaty, or other international agreement, to which those countries are parties; or

                            (iii)  without limiting subparagraphs (i) and (ii)--a parliament or other body established by or under a treaty, or other international agreement, to which those countries are parties.

"investigate" , in relation to ASIC, means investigate in the course of performing or exercising any of ASIC's functions and powers.

"meeting" means:

                     (a)  in Part 4--a meeting of ASIC;

                     (c)  in Part 11--a meeting of the Disciplinary Board.

"member" means:

                     (a)  except in Division 2 of Part 4, in Part 10, 11, 12 or 14, or in relation to a Division, the Panel, a Financial Services and Credit Panel, the Disciplinary Board, the FRC, the AASB or the Parliamentary Committee--a member of ASIC; and

                    (aa)  in relation to a Financial Services and Credit Panel--a member of the panel appointed under subsection 140(1); and

                     (c)  in Part 10 or in relation to the Panel--a member of the Panel; and

                     (d)  in Part 11 or in relation to the Disciplinary Board--the Chairperson or any other member of the Disciplinary Board; and

                     (e)  in relation to the FRC--a member of the FRC; and

                    (ea)  in relation to the AASB--a member of the AASB; and

                   (eb)  in relation to the AUASB--a member of the AUASB; and

                      (f)  in Part 14 or in relation to the Parliamentary Committee--a member of the Parliamentary Committee.

"Office of the AASB" means the Office of the Australian Accounting Standards Board.

"Office of the AUASB" means the Office of the Auditing and Assurance Standards Board.

"officer" means:

                     (a)  an officer within the meaning of the Corporations Act; or

                     (b)  a provisional liquidator.

"old ASIC Act" means the Australian Securities and Investments Commission Act 1989 as in force from time to time before the commencement of this Act.

"Panel" means the Takeovers Panel.

"Panel of the Disciplinary Board" means a Panel constituted by the Chairperson of the Disciplinary Board under section 210A to hear a particular matter.

"Panel proceedings" means proceedings before the Panel on:

                     (a)  an application made to the Panel under the Corporations Act; or

                     (b)  a reference of a decision to the Panel for review under the Corporations Act .

"Parliamentary Committee" means the Parliamentary Joint Committee on Corporations and Financial Services.

"power" includes an authority.

"prescribed" means prescribed by this Act or the regulations.

"President" means the President of the Panel.

"proceeding" means:

                     (a)  a proceeding in a court; or

                     (b)  a proceeding or hearing before, or an examination by or before, a tribunal;

whether the proceeding, hearing or examination is of a civil, administrative, criminal, disciplinary or other nature.

"produce" , except in Part 3, includes permit access to.

"professional accounting body" means a body prescribed by the regulations for the purposes of this definition.

"property" means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes a thing in action and money.

"proposed action notice" has the same meaning as in Part 7.6 of the Corporations Act.

"record" , in relation to an examination, means the whole or a part of a record made under section 24 of statements made at the examination.

"regulations" means regulations made under this Act.

"relevant provider" has the same meaning as in Part 7.6 of the Corporations Act.

"report" includes an interim report.

"restricted civil penalty provision" has the same meaning as in Part 7.6 of the Corporations Act.

Schedule 2 to the Corporations Act means Schedule 2 to the Corporations Act 2001 and rules made under that Schedule.

"senior staff member" means a staff member identified as a senior staff member in a determination made under section 122A.

"staff member" means:

                     (a)  a person employed under section 120; or

                     (b)  a person engaged under subsection 121(1); or

                     (c)  any of the officers, employees and persons who under section 122 are to assist ASIC.

"statement" , in relation to an examination, includes a question asked, an answer given, and any other comment or remark made, at the examination.

"superannuation benefits" includes:

                     (a)  benefits in the nature of superannuation benefits; and

                     (b)  benefits similar to benefits provided under the Superannuation Act 1976 ; and

                     (c)  benefits similar to the benefits provided under the Superannuation Act 1990 .

"Tax Practitioners Board" means the Tax Practitioners Board established by section 60-5 of the Tax Agent Services Act 2009 .

"Territory" :

                     (a)  means the following:

                              (i)  the Australian Capital Territory;

                             (ii)  the Jervis Bay Territory;

                            (iii)  the Northern Territory;

                            (iv)  Norfolk Island;

                             (v)  the Territory of Christmas Island;

                            (vi)  the Territory of Cocos (Keeling) Islands; and

                     (b)  when used in a geographical sense--includes the Territory's coastal sea (if any).

Note 1:       The term external Territory is defined in this subsection to be any Territory, other than a Territory covered by this definition, that is referred to in section 122 of the Constitution, where an Act makes provision for the government of the Territory as a Territory.

Note 2:       The meaning of Territory is affected by subsection 4(3) (when used in a provision applying in an external Territory).

"this Act" includes the regulations.

"this jurisdiction" means:

                     (a)  each referring State (including, when used in a geographical sense, its coastal sea); and

                     (b)  each Territory.

Note 1:       Territory , when used in a geographical sense, includes the Territory's coastal sea, but the term does not include an external Territory. See the definitions of Territory and external Territory in this subsection.

Note 2:       The meaning of this jurisdiction is affected by subsection 4(3) (when used in a provision applying in an external Territory).

"traditional trustee company services" has the same meaning as in Chapter 5D of the Corporations Act.

"tribunal" means:

                     (a)  a tribunal in Australia; or

                     (b)  any other body, authority or person in Australia having power, by law or by consent of parties, to hear, receive or examine evidence.

"trustee company" has the same meaning as in Chapter 5D of the Corporations Act.

"trust property" , in relation to a trustee company, means property that is or was held by the trustee company as trustee.

"witness" :

                     (a)  in relation to a hearing before ASIC, means a person appearing at the hearing to give evidence; or

                     (b)  in relation to Panel proceedings, means a person appearing in the proceedings to give evidence.

"written record" , in relation to an examination, means:

                     (a)  a record of the examination:

                              (i)  that is made in writing; or

                             (ii)  as reduced to writing; or

                     (b)  a part of such a record.

             (2)  Unless the contrary intention appears:

                     (a)  an expression that:

                              (i)  is used, but not defined, in this Act; and

                             (ii)  is defined in section 761A of the Corporations Act (regardless of whether it is also defined in another section of that Act);

                            has the same meaning in this Act as in section 761A of the Corporations Act; and

                     (b)  an expression that:

                              (i)  is used, but not defined, in this Act; and

                             (ii)  is not defined in section 761A of the Corporations Act; and

                             (ii)  is used in the Corporations Act ;

                            has the same meaning in this Act as in the Corporations Act.

             (3)  Except so far as the contrary intention appears in this Act, Parts 1.2 and 1.3 of the Corporations Act apply for the purposes of this Act as if the provisions of this Act were provisions of that Act.



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