(1) The Minister may, by signed instrument, delegate to an officer of the Department all or any of the Minister's functions and powers under this Act that are prescribed by the regulations for the purposes of this subsection.
(a) under subsection (1), the Minister delegates to an officer of the Department all of the Minister's functions and powers that are prescribed for the purposes of that subsection; and
(b) the regulations are amended to prescribe one or more additional functions or powers for the purposes of that subsection; and
(c) the delegation is in force immediately before the amendment takes effect;
then, on and after the amendment taking effect, the delegation is taken to include the additional functions or powers.
(1A) The Minister may, by signed instrument, delegate the function or power under subsection 147(2), 601DC(2) or 1213B(6) to:
(a) a member of ASIC (within the meaning of paragraph (a) of the definition of member in subsection 5(1) of the Australian Securities and Investments Commission Act 2001 ); or
(b) a staff member of ASIC who holds, or performs the duties of, a position not below an Executive Level 1 position or an equivalent position.
(2) A delegate is, in the performance or exercise of a delegated function or power, subject to the Minister's directions.