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Friday 2 September 2011

11-194AD ASIC’s information-gathering powers

ASIC today published Information Sheet 145: ASIC’s compulsory information-gathering powers (INFO 145) about how and why ASIC gathers information, and how it uses the information it gathers.

Compulsory information-gathering powers are an important and necessary part of the work ASIC does. The powers:

  • enable us to obtain the relevant information we need to make regulatory and enforcement decisions;

  • ensure that people providing assistance to ASIC are protected;

  • clearly set out the terms upon which people provide documents and information to ASIC; and

  • enable ASIC to obtain evidence in a form that can be used in court proceedings.

Parliament has given ASIC a range of compulsory information-gathering powers to enable us to require a person or entity to:

  • provide us with documents and information; and

  • attend an examination to answer questions and/or provide reasonable assistance.

The information sheet covers ASIC’s compulsory information-gathering powers, including:

  • an explanation of why we need information-gathering powers;

  • an explanation of how we use information-gathering powers;

  • an overview of our most commonly used information-gathering powers;

  • a description of ASIC’s approach to using these powers;

  • information about what it means for you when you receive a notice to produce documents or provide information; and

  • frequently asked questions.

The release of INFO 145 will increase transparency of the use of ASIC’s powers to gather documents and information for use in its work.

Read the information sheet

Last updated: 02/09/2011 12:00