ASIC's approach to exercising delegated powers
ASIC's role in exercising delegated powers
On 22 April 2016, Assistant Treasurer Kelly O'Dwyer delegated some of her powers to ASIC relating to financial market and clearing and settlement facility licensing, operating rules and compensation arrangements (see media release).
In exercising the delegated powers, ASIC delegates will have regard to:
- the matters the Minister is required to consider under chapter 7 of the Corporations Act 2001;
- the guidelines issued by the Minister for delegates;
- advice provided by ASIC and, where relevant, the Reserve Bank of Australia (e.g. in relation to clearing and settlement facility matters); and
- feedback from any industry consultation undertaken on specific matters.
We will make details of matters determined under the delegation available on this website on a quarterly basis. See the Matters determined under Ministerial delegation for the December quarter 2017.
ASIC's role in advising the Minister/ delegate on matters
The delegation arrangements will speed up the process for obtaining regulatory approvals. It does not otherwise change the way ASIC engages with stakeholders and the matters that ASIC considers in preparing its advice to the Minister (or delegate). For example, ASIC, in its advisory function, will continue to have regard to:
- the requirements in the Corporations Act;
- ASIC's strategic objectives;
- advice from other government agencies (including the Reserve Bank of Australia);
- international developments; and
- the nature and extent of the public consultation process undertaken in relation to a matter and the feedback provided from that process.