Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 6   Miscellaneous amendments

Australian Securities and Investments Commission Act 1989

1   After subsection 11(9)

Insert:

(9A) The Commission may have functions or powers conferred on it by or under a law of a State or Territory if:

(a) that law provides for, or relates to, the repeal, amendment or termination (however described) of the operation of, any of the replaced legislation within the meaning of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; and

(b) the conferral of the powers or functions is in accordance with:

(i) provisions of an agreement entered into by the Commonwealth and the State or Territory, being provisions approved by the Minister for the purposes of this subsection; or

(ii) an approval given by the Minister for the purposes of this subsection.

The Commission has the functions and powers so conferred by that law.

Note 1: The heading to section 11 is replaced by the heading " National scheme functions and powers and other functions and powers conferred by the States and Territories ".

Note 2: The heading to section 12A is replaced by the heading " Other functions and powers ".