Part 3, subdivision 4 of the Australian Securities and Investments Commission Act 2001 contains provisions relating to the ASIC’s powers to require the disclosure of information, including when the powers may be exercised as well as how and by whom those disclosures may take place.
Section 43 forms part of the subdivision and is titled Exercise of certain powers of ASIC in relation to financial products.
The section is extracted below.
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Exercise of certain powers of ASIC in relation to financial products
(1) This section applies where ASIC considers that:
(a) it may be necessary to exercise, in relation to a financial product issued by a body corporate, a power under section 794D of the Corporations Act; or
(b) a contravention of section 991F, or Division 2 of Part 7.10, of the Corporations Act may have been committed in relation to financial products issued by a body corporate; or
(c) a contravention of Chapter 6C of the Corporations Act may have been committed in relation to shares in a body corporate; or
(d) a contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction, may have been committed, being a contravention that involves fraud or dishonesty and relates to financial products issued by a body corporate; or
(e) unacceptable circumstances within the meaning of Part 6.9 of the Corporations Act have, or may have, occurred:
(i) in relation to an acquisition of shares in a body corporate; or
(ii) as a result of conduct engaged in by a person in relation to shares in, or the affairs of, a body corporate; or
(f) a person has, or may have, contravened section 657F of the Corporations Act .
(2) ASIC may require a director, secretary or senior manager of the body to disclose to ASIC information of which he or she is aware and that:
(a) may have affected a dealing that has taken place; or
(b) may affect a dealing that may take place;
in financial products issued by the body.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
(3) If ASIC believes on reasonable grounds that a person can give, information about particular matters, being any or all of the following:
(a) a dealing in financial products issued by the body;
(b) advice, or an analysis or report, that a person who carries on or has carried on (either alone or together with any other person or persons) a financial services business, or a representative of such a person, has given, issued or published about such financial products;
(c) the financial position of a business carried on by a person who:
(i) is or has been (either alone or together with any other person or persons) a person who carries on or has carried on a financial services business, or a representative of such a person; and
(ii) has dealt in, has given advice about, or has issued or published an analysis or report about, such financial products;
(d) the financial position of a business carried on by a nominee controlled by a person of a kind referred to in paragraph (c) or jointly controlled by 2 or more persons at least one of whom is such a person;
(e) an audit of, or a report of an auditor about, accounts or records of a person who carries on or has carried on (either alone or together with any other person or persons) a financial services business, or a representative of such a person, being accounts or records relating to dealings in such financial products;
ASIC may require the person to disclose to it the information that the person has about those particular matters.
Note: Failure to comply with a requirement made under this subsection is an offence (see section 63).
(3A) An offence under subsection 63(2) relating to subsection (2) or (3) of this section is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(4) ASIC must not exercise a power conferred by subsection (2) or (3) except:
(a) if paragraph (1)(a) applies–for the purpose of determining whether or not to exercise a power as mentioned in that paragraph; or
(b) if paragraph (1)(b), (c) or (d) applies–for the purpose of investigating the possible contravention; or
(c) if paragraph (1)(e) or (f) applies–for the purpose of determining whether or not to make an application under section 657C or 657G of the Corporations Act.
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Going to court can be nerve-racking, but having a strong and compassionate legal team behind you can make the experience significantly easier to deal with. Here are 12 reasons to choose our multi-award winning legal team:
Proven Track Record of Exceptional Results
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Free First Appointment
For those who are going to court, we offer a free first conference of up to an hour with one of our Senior Criminal Defence Lawyers.
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All NSW Courts
From Bombala to Broken Hill, our lawyers appear in courts throughout New South Wales – and across Australia for Commonwealth cases.
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Our entire firm is exclusively dedicated to criminal law – which makes us true specialists.
All of our lawyers have years of experience representing clients in criminal cases, and our principal has been certified by the Law Society of NSW as an Accredited Criminal Law Specialist since 2005.
An ‘Accredited Specialist’ is a lawyer who has practised for at least 5 years in a particular field of law (such as criminal law), has passed a rigorous assessment process conducted by the Law Society of NSW, and has been selected by the Specialist Accreditation Committee of the Law Society as an expert in the field.
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Results-Focused Law Firm
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Team of Lawyers Behind You
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Familiar with Magistrates and Judges
Each of our lawyers appears in court on a daily basis, and has done so for years. We have therefore been able to develop an understanding of, and rapport with, magistrates and judges in Sydney and indeed across the state.
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- Parramatta, near the justice precinct.
We offer free parking at our Sydney CBD and Liverpool locations, and all of our offices are close to train stations and bus terminals.
For those who are unable to attend our offices, we offer conferences by telephone, Skye and FaceTime anywhere around the world.
If you are going to court and wish to arrange a free first consultation, call our 24 hour hotline on (02) 9261 8881 or send us an email at firstname.lastname@example.org.