Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021

Administered by Department of the Treasury

Legislation au F2021L00405 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Minister for Superannuation, Financial Services and the Digital Economy

Australian Securities and Investments Commission Act 2001

Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021

Section 251 of the Australian Securities and Investments Commission Act 2001 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

These Regulations permit the Australian Securities and Investments Commission (ASIC) to delegate certain registry functions to the Commonwealth Registrars appointed under the Commonwealth Registers Act 2020, the Corporations Act 2001, and the National Consumer Credit Protection Act 2009.

As part of the Digital Business Plan, the Australian Government is implementing a modern approach to managing Commonwealth business registers via the implementation of the Modernising Business Registers (MBR) Program. The MBR Program will transform business services by creating a single source of trusted and accessible business data and provide efficient registry service delivery. The initial focus of this Program is on the business registers administered by ASIC. An interim delegation from ASIC to the Commonwealth Registrars facilitates a gradual transfer of registry functions which is synchronised with the development of supporting technology systems.

The Regulations enable the delegation by prescribing the Commonwealth Registrars as persons to whom ASIC may delegate its functions and powers under paragraph 102(2)(c) of the Act. Subsection 102(1) of the Act permits ASIC to delegate all or any of its functions and powers to persons specified in subsection 102(c), including persons prescribed under paragraph 102(2)(c).

The Act specifies no conditions that need to be satisfied before the power to make the Regulations may be exercised.

Separate consultation on these Regulations was undertaken with ASIC and the Australian Taxation Office (the proposed Commonwealth Registrars) who support the Regulations as proposed. The MBR Program has also been subject to extensive public consultation and has received broad support from industry and government stakeholders.

Details of the Regulations are set out in Attachment A.

The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.

The Regulations commence on, and enable delegations on or after, the day following their registration.

A Regulation Impact Statement is not required because this Regulation has no more than a minor impact on business, individuals or community organisations (OBPR Ref. 22346).

A statement of Compatibility with Human Rights is at Attachment B.

ATTACHMENT A

Details of the Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021

Section 1 – Name of the Regulations

This section provides that the name of the Regulations is the Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021 (the Regulations).

Section 2 – Commencement

Schedule 1 to the Regulations commences on the day after the instrument is registered on the Federal Register of Legislation.

Section 3 – Authority

The Regulations are made under the Australian Securities and Investments Commission Act 2001 (the Act).

Section 4 – Schedule

This section provides that each instrument that is specified in the Schedules to this instrument will be amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

Schedule 1 – Amendments

Australian Securities and Investments Commission Regulations 2001

Item 1 inserts a new section 8AAAA into the Australian Securities and Investments Commission Regulations 2001. Subsections 8AAAA(1), (3), and (5) prescribe the Registrars for the purposes of paragraph 102(2)(c) of the Act. Persons to whom Registrars may delegate their functions under a law of the Commonwealth and who are approved by the Registrars are also prescribed.

This item enables ASIC to delegate registry functions to the Registrars as necessary to facilitate the eventual complete transfer of such functions to the Registrars. The requirement for persons to have been approved by the Registrars ensures that delegations will be consistent with the Registrars’ operational plans. The approval process is intended to be covered by memoranda of understanding between ASIC and the Registrars.

ATTACHMENT B

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

These Regulations permit ASIC to delegate certain registry functions to the Commonwealth Registrars appointed under the Commonwealth Registers Act 2020, the Corporations Act 2001, and the National Consumer Credit Protection Act 2009.

The Regulations permit the delegation by prescribing the Commonwealth Registrars as persons to whom ASIC may delegate its functions and powers under paragraph 102(2)(c) of the Australian Securities and Investments Commission Act 2001.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

 

Overview

The Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021 were introduced to streamline the delegation of registry functions from the Australian Securities and Investments Commission (ASIC) to the Commonwealth Registrars. Enacted under the Australian Securities and Investments Commission Act 2001, these Regulations aim to facilitate the transfer of certain registry functions in alignment with the Modernising Business Registers (MBR) Program. This initiative seeks to create a single, reliable source of business data and improve the efficiency of registry service delivery. The Regulations allow ASIC to delegate these functions to the Commonwealth Registrars, who are appointed under various acts, including the Commonwealth Registers Act 2020, the Corporations Act 2001, and the National Consumer Credit Protection Act 2009. The policy objective behind these Regulations is to support the gradual transfer of registry functions, synchronised with the development of supporting technology systems, thereby enhancing the overall management of Commonwealth business registers.

Scope and Application

The Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021 allow the Australian Securities and Investments Commission (ASIC) to delegate specific registry functions to the Commonwealth Registrars as appointed under the Commonwealth Registers Act 2020, the Corporations Act 2001, and the National Consumer Credit Protection Act 2009. The Regulations permit this delegation by specifying the Commonwealth Registrars as persons to whom ASIC may delegate its functions and powers under paragraph 102(2)(c) of the Australian Securities and Investments Commission Act 2001. The intent behind these Regulations is to facilitate a smooth transition of registry functions to the Registrars as part of the Modernising Business Registers Program, which aims to create a single source of trusted and accessible business data. The Regulations do not specify any conditions that must be met before exercising the power to make them, and they have been supported by ASIC, the Australian Taxation Office, and various industry stakeholders. The Regulations are a legislative instrument under the Legislation Act 2003 and do not require a Regulation Impact Statement as they have a minor impact on business, individuals, or community organisations.

Key Provisions

The Australian Securities and Investments Commission Amendment (Delegation) Regulations 2021, made under section 251 of the Australian Securities and Investments Commission Act 2001, allow the Australian Securities and Investments Commission (ASIC) to delegate certain registry functions to the Commonwealth Registrars appointed under the Commonwealth Registers Act 2020, the Corporations Act 2001, and the National Consumer Credit Protection Act 2009. This delegation is part of the Digital Business Plan to modernise business registers through the Modernising Business Registers (MBR) Program, aiming to create a single, trusted source of business data and improve the delivery of registry services. The Regulations specifically enable the delegation by identifying the Commonwealth Registrars as persons to whom ASIC may delegate its functions and powers under paragraph 102(2)(c) of the Act. The Regulations impose obligations on ASIC to ensure that any delegation of functions to the Commonwealth Registrars is done in a manner consistent with the Registrars' operational plans. This includes ensuring that the persons to whom the Registrars may delegate their functions under a law of the Commonwealth are approved by the Registrars. This approval process is intended to be formalised through memoranda of understanding between ASIC and the Registrars, ensuring alignment with the Registrars' operational plans. Additionally, ASIC must ensure that the delegation of functions is synchronised with the development of supporting technology systems, facilitating a gradual transfer of registry functions. There are no specific offences or penalties outlined in the Regulations for breaches of the delegation provisions. However, any failure by ASIC to comply with the requirements of the Regulations could potentially lead to administrative or legal challenges. The Regulations themselves do not provide for maximum penalties, but any broader breaches of the Act or associated legislation could result in penalties as prescribed by those laws. The Regulations are designed to be a minor legislative change, with no requirement for a Regulation Impact Statement due to their limited impact on business, individuals, or community organisations. Furthermore, the Regulations are compatible with human rights, as stated in the Statement of Compatibility with Human Rights attached to the explanatory statement.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.