Ministerial Powers (ASIC) Delegations 2021 made under the Business Names Registration Act 2011, Corporations Act 2001, Life Insurance Act 1995, and the Mutual Assistance in Business Regulation Act 1992. Compilation No. 2 Compilation date: 1 July 2023 Includes amendments up to: Ministerial Powers (ASIC) Amendment Delegations 2023 Prepared by The Treasury About this compilation This compilation This is a compilation of the Ministerial Powers (ASIC) Delegations 2021 that shows the text of the law as amended and in force on 1 July 2023 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Preliminary 1 Name 3 Authority 5 Definitions Part 2—Delegations under the Business Names Registration Act 6 Delegation of the Minister's functions and powers 7 Direction to the delegate Part 3—Delegations under the Corporations Act 8 Delegation of the Minister's powers under Chapter 7 9 Delegation of the Minister's powers relating to names 10 Directions to the delegate Part 4—Delegations under the Mutual Assistance in Business Regulation Act 11 Delegation of the Minister's powers and functions Part 5—Delegations under the Life Insurance Act 1995 12 Delegation of the Minister's powers and functions Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Part 1—Preliminary 1 Name This instrument is the Ministerial Powers (ASIC) Delegations 2021. 3 Authority This instrument is made under the following: (a) the Business Names Registration Act 2011; and (b) the Corporations Act 2001; and (c) the Life Insurance Act 1995; and (c) the Mutual Assistance in Business Regulation Act 1992. 5 Definitions Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Business Names Registration Act 2011, Corporations Act 2001 and Mutual Assistance in Business Regulation Act 1992 as appropriate and as in force from time to time. In this instrument: ASIC means the Australian Securities and Investments Commission. ATO means the Australian Taxation Office. member, in relation to ASIC, has the same meaning as in section 9 of the Australian Securities and Investments Commission Act 2001. senior staff member has the same meaning as in the Australian Securities and Investments Commission Act 2001. staff member has the same meaning as in the Australian Securities and Investments Commission Act 2001. Part 2—Delegations under the Business Names Registration Act 6 Delegation of the Minister's functions and powers (1) Under subsection 80(1) of the Business Names Registration Act 2011, the Minister's functions and powers under subsections 27(2), 28(2) and 32(3) 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 senior staff member who is: (i) an Executive Director; (ii) a Senior Executive Leader; (iii) a Senior Executive Specialist. Note: Subsections 27(2), 28(2) and 32(3) are prescribed by section 13 of the Business Names Registration Regulations 2011. (2) Under subsection 80(1) of the Business Names Registration Act 2011, the Minister's functions and powers under subsections 27(2), 28(2) and 32(3) of that Act are delegated to senior staff members holding, occupying or performing the duties of each of the following offices and positions in the ATO whose services are being made available to assist ASIC in connection with the performance or exercise of ASIC's functions and powers: (a) the Deputy Registrar; (b) a Deputy Commissioner; (c) an Assistant Commissioner. 7 Direction to the delegate For the purposes of subsection 80(2) of Business Names Registration Act 2011, a person delegated a function or power under section 6 of this instrument, must have regard to the Guidelines for Ministerial Consent to Business Names under the Business Names Registration Act 2011 (July 2015), as published on the ASIC website, when exercising the power or function. Part 3—Delegations under the Corporations Act 8 Delegation of the Minister's powers under Chapter 7 (1) Under subsection 1101J(1) of the Corporations Act 2001, each of the Minister's powers under a provision of the Corporations Act 2001 specified in an item of the following table is 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 senior staff member. Item Provisions of the Corporations Act 2001 Description of the function or power Licensed markets 1 section 791C Issue/revoke/vary an exemption from all or specified provisions of Part 7.2 of the Corporations Act 2 section 792F Direct audit of annual report 3 section 792H Approve change of country by foreign licensee 4 section 793E Disallow changes to operating rules 5 section 794A Issue/vary/revoke directions 6 section 794B Require a special report including an audited special report 7 section 795B Issue domestic and overseas licence 8 section 795C Gazette the licence 9 section 796A Impose/vary/revoke conditions on licence 10 section 797A Vary licence to take into account name change 11 section 797B Immediately suspend or cancel licence 12 section 797C Suspend or cancel licence following hearing and report 13 section 797D Effect of suspension 14 section 797E Vary or revoke suspension 15 section 797F Publication of notice of suspension or cancellation 16 section 798M Issue/revoke/vary exemption from all or specified provisions of Part 7.2A of the Corporations Act Licensed CS facilities 17 section 820C Issue/revoke/vary exemption from all or specified provisions of Part 7.3 of the Corporations Act 18 section 821E Direct audit of annual report 19 section 821F Approve change of country by foreign licensee 20 section 822E Disallow changes to operating rules 21 section 823A Issue/vary/revoke directions 22 section 823B Require a special report including an audited special report 23 section 824B Issue domestic and overseas licence 24 section 824C Gazette the licence 25 section 825A Impose/vary/revoke conditions on licence 26 section 826A Vary licence 27 section 826B Immediately suspend or cancel licence 28 section 826C Suspend or cancel licence following hearing and report 29 section 826D Effect of suspension 30 section 826E Vary or revoke suspension 31 section 826F Publication of notice of licence suspension or cancellation Compensation regimes for financial markets 32 section 881D Consider whether market will be covered by Division 4 of Part 7.5 of the Corporations Act 33 section 882A Approve compensation arrangements with grant of licence 34 section 882B Approve compensation arrangements after licence is granted 35 section 882C Revoke an approval of compensation arrangements 36 section 882D Issue directions to licensee 37 section 884B Disallow changes to compensation rules 38 section 884C Approve changes to compensation arrangements 39 section 885B Requirements for compensation arrangements to be adequate 40 section 885C Adequacy of compensation arrangements – losses to be covered 41 section 885J Adequacy of compensation arrangements ‑ other matters to be taken into account 42 section 890H Disallow changes to the operating rules of the Securities Exchanges Guarantee Corporation 43 section 892K Request a risk assessment report 44 section 893B Issue/revoke exemption from all or specified provisions of Part 7.5 (compensation regimes) and vary/revoke an exemption Note: The description of a function or power in the table are to assist readers only. They are not intended to affect the interpretation nor limit the function or power referred to in the table. 9 Delegation of the Minister's powers relating to names (1) Under subsection 1345A(1A) of the Corporations Act 2001, the Minister's functions or powers under subsections 147(2), 601DC(2) and 1213B(6) 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 senior staff member who is: (i) an Executive Director; (ii) a Senior Executive Leader; (iii) a Senior Executive Specialist. (2) Under subsection 1345(1A) of the Corporation Act 2001, the Minister's functions and powers under subsections 147(2), 601DC(2) and 1213B(6) of that Act are delegated to the senior staff members holding, occupying or performing the duties of each of the following offices and positions in the ATO whose services are being made available to assist ASIC in connection with the performance or exercise of ASIC's functions and powers: (a) the Deputy Registrar; (b) a Deputy Commissioner; (c) an Assistant Commissioner. (3) All previous delegations made under subsection 1345A(1A) of the Corporations Act 2001 are revoked. 10 Directions to the delegate (1) A person delegated a function or power under section 8 of this instrument must have regard to the Guidelines for the Exercise of Powers Delegated to ASIC under Chapter 7 of the Corporations Act 2001 (April 2019), as published on the Department of the Treasury's website, when exercising the power or function. (2) For the purposes of subsection 1345A(2) of Corporations Act 2001, a person delegated a function or power under section 9 of this instrument must have regard to the Guidelines for Ministerial Consent to Body Corporate Names under the Corporations Act 2001 (January 2008), as published on the Department of the Treasury's website, when exercising the power or function. Part 4—Delegations under the Mutual Assistance in Business Regulation Act 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). Part 5—Delegations under the Life Insurance Act 1995 12 Delegation of the Minister's powers and functions Under subsection 216(14B) of the Life Insurance Act 1995, the Minister's powers and functions under section 216 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 staff member. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003. If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history. Endnote 2—Abbreviation key ad = added or inserted o = order(s) am = amended Ord = Ordinance amdt = amendment orig = original c = clause(s) par = paragraph(s)/subparagraph(s) C[x] = Compilation No. x /sub‑subparagraph(s) Ch = Chapter(s) pres = present def = definition(s) prev = previous Dict = Dictionary (prev…) = previously disallowed = disallowed by Parliament Pt = Part(s) Div = Division(s) r = regulation(s)/rule(s) ed = editorial change reloc = relocated exp = expires/expired or ceases/ceased to have renum = renumbered effect rep = repealed F = Federal Register of Legislation rs = repealed and substituted gaz = gazette s = section(s)/subsection(s) LA = Legislation Act 2003 Sch = Schedule(s) LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s) (md not incorp) = misdescribed amendment SLI = Select Legislative Instrument cannot be given effect SR = Statutory Rules mod = modified/modification Sub‑Ch = Sub‑Chapter(s) No. = Number(s) SubPt = Subpart(s) ad = added or inserted underlining = whole or part not commenced or to be commenced o = order(s) Endnote 3—Legislation history Name Registration Commencement Application, saving and transitional provisions Ministerial Powers (ASIC) Delegations 2021 14 April 2021 15 April 2021 — (F2021N00070) Ministerial Powers (ASIC) Amendment Delegations 2022 17 June 2022 18 June 2022 — (F2022N00136) Ministerial Powers (ASIC) Amendment Delegations 2023 22 June 2023 1 July 2023 — (F2023N00177) Endnote 4—Amendment history Provision affected How affected section 2 rep LA s 48D section 3 rs F2022N00136 section 4 rep LA s48C section 11 rs F2023N00177 Part 5 ad F2022N00136 Schedule 1 rep LA s48C