Corporations (Repeals, Consequentials and Transitionals) Act 2001 (Incorporating amendments up to Act No. 116 of 2003) (55 of 2001)

Part 4   Functions of Commonwealth agencies in relation to transitional national scheme law matters

13   Continuing functions of Commonwealth agencies under State and Territory national scheme laws

(1) Commonwealth authorities and officers:

(a) have the transitional national scheme functions and powers; and

(b) have the functions and powers conferred on them by virtue of the operation of Part 3 of this Act (special transitional arrangements for the ACT).

(2) A Commonwealth authority or officer:

(a) is not subject to any directions in relation to the performance or exercise of a transitional national scheme function or power; and

(b) is not under a duty to perform or exercise a transitional national scheme function or power.

(3) Subsection (2) does not apply to the Australian Securities and Investments Commission.

Note: Subsection 271(2) of the Australian Securities and Investments Commission Act 2001 deals with the performance and exercise of transitional national scheme functions by ASIC.