(1) The AER has any functions:
(a) conferred under a law of the Commonwealth; or
(b) prescribed by regulations made under this Act.
Note: The AER may have functions under the Australian Energy Market Act 2004 .
(2) Regulations made for the purposes of paragraph (1)(b) may empower the AER to make legislative instruments.
(3) Section 42 (disallowance) of the Legislation Act 2003 does not apply to legislative instruments empowered by regulations made for the purposes of paragraph (1)(b).
(4) Subsection (3) has effect subject to any express provision to the contrary in the regulations.