Initially NCSC, then ASC, ASIC came to be in 1998 to promote the integrity of Australian payment systems, super and insurance industries.

In 2010 ASIC also took on responsibility for regulating trustee companies, CC, leases and supervising Australian licensed equity derivatives and futures.

The responsible Minister is the Commonwealth Treasurer

Whilst statutorily independent of the Commonwealth government, ASIC is accountable to the Minister and 12(1) provides the Minister powers to give written directions.

The majority of ASIC's decisions are subject to judicial or administrative review by the Federal Court and the Administrative Appeals Tribunal respectively.

To regulate Australian companies, financial markets, financial services, organisations, and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.

s 12A(3) provides for financial system and market integrity

s 12A(5) provides for review and law reform, requiring ASIC to examine the operations and identify deficiencies and report to the Minister.

Maintain registers of companies, financial services providers, registered auditors and liquidators

Any document required to be lodged under the Corporations Act must be lodged with ASIC

Register company auditors and liquidators, Pt 9.2 Corporations Act

CA requires any person carrying on business of providing financial service to hold an Australian Financial Services (AFS) license.

Regulate the creation of and trading of futures contracts

Investigate contraventions of the corporations legislation

Investigate contraventions of the provisions of the consumer protection laws

s 11(4) grants ASIC powers to do what is necessary for, or in connection with, or reasonably incidental to, the performance of its functions.

Commence civil proceedings and criminal action as part of its enforcement strategy

HCA found the power to issue regulatory instruments can create, takeaway or modify legal rights. As such, they have the force of law. This power to make and issue regulatory instruments is derived from the Corporations Act.

s 13 of the ASIC Act authorises ASIC to initiate an investigation if it suspects on reasonable grounds that various contraventions have taken place.

Speculation is not grounds to commence investigation

ASIC v Plymin (No 2) (2002) 20 ACL 1756
Where it was foud that ASIC may use its power of investigation both for the purpose of determining whether to commence a crim prosecution or launch civil penalty proceedings under pt 9.4B if the CA

s 14 of ASIC Act provides that ASIC must investigate if directed to do so by the Minister, if it is in the public interest

s 19(2) allows ASIC to serve notice on a person requiring that person to appear before it for examination on oath. The protection of silence to prevent self-incrimination does not, removed under s 68(1)

s 29(2), s 30, ss 31 and 32A, ss30A and 30B, s 33

• ASC required Westpac to produce documents
• Westpac argued it owed duty of confidentiality to customers
• Court held that the exercise of ASC's statutory obligations must override Westpac's common law duty of confidentiality to customers. Westpac was ordered to release the documents to ASC

Pt 3 of ASIC Act vests special powers in ASIC to investigate and gather information. ASIC can require any person to render to it all necessary assistance in connection with the investigation.

s 51A provides that ASIC has the power to hold hearings. s 52(1) allows for the hearing to be public or private

Where information reveals contravention of the law, ASIC can use information gained to commence proceedings against individuals or organisations.

s 49 ASIC Act or s 1315 CA provides ASIC with power to prosecute following an investigation if a breach is identified and prosecution ought to be sought.

In practice, ASIC only prosecutes minor regulatory offences. Serious breaches of the corporation legislation are referred to the Commonwealth DPP for further action.

s 50 of ASIC Act allows that should it be in the public interest, ASIC may commence proceedings seeking civil remedies from the courts

ASIC may seek orders excluding certain individuals from participation in the management of companies or participating in provision of financial services.

Company assets may be frozen under s 1323 of CA

Injunction against action which would be a breach of the CA can be sought under s 1324