Ministerial Powers (ASIC) Delegation 2019

Overview

The Ministerial Powers (ASIC) Delegation 2019 (F2019N00034) was enacted to streamline the delegation of powers and functions under the Business Names Registration Act 2011, the Corporations Act 2001, and the Mutual Assistance in Business Regulation Act 1992 to the Australian Securities and Investments Commission (ASIC). This notifiable instrument, dated 1 April 2019, was made under the authority of the Assistant Treasurer, Stuart Robert, and commenced on 1 July 2019. The purpose of this legislation is to ensure efficient and effective administration of business regulation by clarifying and updating the delegations of powers to ASIC officials, thus addressing the need for a more precise allocation of responsibilities and enhancing regulatory oversight.

Scope and Application

The Ministerial Powers (ASIC) Delegation 2019 pertains to the delegation of certain powers and functions of the Minister for Financial Services to the Australian Securities and Investments Commission (ASIC) and its staff, as outlined under the Business Names Registration Act 2011, the Corporations Act 2001, and the Mutual Assistance in Business Regulation Act 1992. This instrument revokes previous delegations and assigns new delegations to specified positions within ASIC, including members of ASIC, Executive Directors, and Senior Executive Leaders in various departments. The powers delegated cover a broad spectrum of regulatory functions, from issuing and revoking exemptions, licenses, and directions, to approving compensation arrangements and conducting audits. The application of these delegations is national in scope, applying across all states and territories in Australia, and they extend to any conduct, entity, or transaction regulated under the named Acts. There are no specific exclusions or thresholds mentioned in this instrument, but it is understood that the powers are exercised within the bounds of the relevant Acts. Subordinate instruments may further specify the application and scope of these delegated powers.

Key Provisions

The Ministerial Powers (ASIC) Delegation 2019I, made by Stuart Robert, the Assistant Treasurer, is an instrument that delegates certain functions and powers of the Minister under the Business Names Registration Act 2011, the Corporations Act 2001, and the Mutual Assistance in Business Regulation Act 1992 to various officials within the Australian Securities and Investments Commission (ASIC). This instrument revokes all previous delegations and sets out specific delegations for the new functions and powers as of 1 July 2019. The Act imposes specific obligations on the designated officials within ASIC, who now hold the authority to perform certain ministerial functions and powers. For instance, under the Business Names Registration Act 2011, the Minister's functions and powers under subsections 27(2), 28(2) and 32(3) are delegated to specific positions within ASIC, such as members of ASIC, the Executive Director, Registry, and the Senior Executive Leader, Registry. Similarly, under the Corporations Act 2001, the Minister's powers related to licensed markets, licensed clearing and settlement facilities, and compensation regimes for financial markets are delegated to each member of ASIC and each senior staff member of ASIC. Under the Mutual Assistance in Business Regulation Act 1992, the Minister's powers and functions are delegated to various positions within ASIC, including members of ASIC, Special Counsel in the Chief Legal Office, and several Executive Directors and Senior Executive Leaders. The Ministerial Powers (ASIC) Delegation 2019I does not explicitly outline offences, penalties, or consequences for breach of the delegations. However, it is implied that any breach of the functions or powers delegated under the Acts would result in the consequences as stipulated within the respective Acts themselves. The penalties for breaches would thus depend on the specific provisions of the Business Names Registration Act 2011, the Corporations Act 2001, and the Mutual Assistance in Business Regulation Act 1992. For example, under the Corporations Act 2001, breaches related to the licensing and regulation of financial markets could result in fines and imprisonment, with penalties varying depending on the nature and severity of the breach.