Ministerial Powers (ASIC) Amendment Delegations 2023
I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following delegations.
Dated 21 June 2023
Stephen Jones
Assistant Treasurer
Minister for Financial Services
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Corporations (Insolvency Practice Schedule) Delegations 2021
Ministerial Powers (ASIC) Delegations 2021
1 Name
This instrument is the Ministerial Powers (ASIC) Amendment Delegations 2023.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The later of: (a) 1 July 2023; and (b) the day after this instrument is registered | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the following:
(a) the Corporations Act 2001; and
(a) the Mutual Assistance in Business Regulation Act 1992.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Corporations (Insolvency Practice Schedule) Delegations 2021
1 Paragraph 6(b)
Omit “Chief Legal Office”, substitute “Legal Services”.
Ministerial Powers (ASIC) Delegations 2021
2 Section 11
Repeal the section, substitute:
11 Delegation of the Minister’s powers and functions
Under subsection 22(2) of the Mutual Assistance in Business Regulation Act 1992, the Minister’s powers and functions under sections 7, 8 and 9 of that Act are delegated to the persons holding, occupying or performing the duties of each of the following offices and positions in ASIC:
(a) a member of ASIC;
(b) a Special Counsel in Legal Services;
(c) the Senior Executive Leader, Misconduct and Breach Reporting (position number 15,403);
(d) the Senior Executive Leader, Investigation and Enforcement, Enforcement and Compliance (position number 17,777);
(e) the Senior Executive Leader, Market Supervision (position number 4644);
(f) the Senior Executive Specialist, International (position number 17,834);
(g) the Senior Executive Leader, Intelligence and International (position number 17,832).
Overview
The Ministerial Powers (ASIC) Amendment Delegations 2023, enacted on 21 June 2023 by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, amends existing delegations under the Corporations Act 2001 and the Mutual Assistance in Business Regulation Act 1992. The primary objective of this legislation is to update and streamline the delegation of the Minister's powers and functions within the Australian Securities and Investments Commission (ASIC). Specifically, the amendments involve omitting references to the "Chief Legal Office" and substituting them with "Legal Services," as well as repealing and replacing section 11 of the Ministerial Powers (ASIC) Delegations 2021. These changes aim to ensure that the delegation of authority within ASIC is clear, efficient, and aligned with current organisational structures and responsibilities.
Scope and Application
The Ministerial Powers (ASIC) Amendment Delegations 2023 provides amendments to existing delegations of powers made by the Australian Securities and Investments Commission (ASIC). This instrument amends the Ministerial Powers (ASIC) Delegations 2021 and the Corporations (Insolvency Practice Schedule) Delegations 2021. Specifically, it removes the Chief Legal Office from the list of positions to which the Minister's powers and functions are delegated and replaces it with Legal Services. Additionally, it repeals section 11 of the Ministerial Powers (ASIC) Delegations 2021 and substitutes it with a new section detailing the delegation of the Minister’s powers and functions under the Mutual Assistance in Business Regulation Act 1992 to various positions within ASIC, including members of ASIC, Special Counsel in Legal Services, and several Senior Executive Leaders and Specialists. This instrument applies to those individuals and entities regulated by ASIC, impacting their operations and compliance requirements within the Australian financial services sector. The geographic reach of this legislation is national, as it pertains to ASIC's jurisdiction across Australia. The Act does not explicitly state any exclusions, exemptions, or thresholds, implying that the delegations apply broadly to the specified positions within ASIC. The application of this Act may be further extended or restricted through subordinate instruments as deemed necessary by the Minister.
Key Provisions
The Ministerial Powers (ASIC) Amendment Delegations 2023 (F2023N00177) sets out the delegations of powers by the Minister for Financial Services, Stephen Jones, to certain positions within the Australian Securities and Investments Commission (ASIC). This instrument amends and repeals previous delegations, reflecting changes in the operational structure of ASIC. The changes include amending the Corporations (Insolvency Practice Schedule) Delegations 2021 to replace the term "Chief Legal Office" with "Legal Services" in paragraph 6(b), and repealing and replacing section 11 of the Ministerial Powers (ASIC) Delegations 2021 with a new section that delegates the Minister’s powers and functions under certain sections of the Mutual Assistance in Business Regulation Act 1992 to various positions within ASIC.
The obligations imposed by this instrument require certain specified roles within ASIC to undertake delegated powers and functions of the Minister. This includes the delegation of powers under sections 7, 8, and 9 of the Mutual Assistance in Business Regulation Act 1992 to specific office holders such as members of ASIC, Special Counsel in Legal Services, and various Senior Executive Leaders and Specialists. These roles must adhere to the provisions set out in the instrument and exercise their delegated powers in accordance with the Act.
Any breach of the provisions set out in the Ministerial Powers (ASIC) Amendment Delegations 2023 may result in various consequences depending on the nature and severity of the breach. While the instrument itself does not explicitly detail specific offences, penalties, or consequences for breach, breaches of the underlying Acts, such as the Corporations Act 2001 and the Mutual Assistance in Business Regulation Act 1992, may attract civil or criminal penalties. For example, under the Corporations Act 2001, breaches can result in fines and imprisonment, with the specific penalties varying based on the nature and seriousness of the offence. The maximum penalties can be substantial, reflecting the importance of compliance with these Acts in regulating financial services and corporate activities in Australia.