Offences
- Misleading or deceptive conduct
- False or misleading representations
- False or misleading representations in relation to financial products that involve interests in land
- Cash price to be stated in certain circumstances
- Offering rebates, gifts, prizes etc
- Certain misleading conduct in relation to financial services
- Bait advertising
- Referral selling
- Accepting payment without intending or being able to supply as ordered
- Pyramid selling of financial products
- Unsolicited credit cards and debit cards
- Assertion of right to payment for unsolicited financial services etc.
- Assertion of right to payment for unauthorised advertisements
- Power of Court to prohibit payment or transfer of money or other property
- Examination to take place in private
- Examinee’s lawyer may attend
- Record of examination
- Giving to other persons copies of record
- Copies given subject to conditions
- ASIC may inspect books without charge
- Notice to produce books about affairs of body corporate or registered scheme
- Notice to auditors concerning information and books
- Notice to registered liquidators concerning information and books
- Notice to produce books about financial products
- Notice to produce books about financial services
- Notice to produce documents in person’s possession
- ASIC may authorise persons to require production of books, giving of information etc.
- Powers where books produced or seized
- Powers where books not produced
- Power to require person to identify property of body corporate
- ASIC may give copy of book relating to registered scheme to another person
- ASIC may give information and books in relation to Chapter 5 bodies corporate
- Acquisitions and disposals of financial products
- Acquisitions and disposals of trust property by trustee companies
- Exercise of certain powers of ASIC in relation to financial products
- Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company
- Disclosures to take place in private
- Lawyer of person making disclosure may attend
- ASIC may cause prosecution to be begun
- Who may be present when hearing takes place in private
- Power to summon witnesses and take evidence
- Contempt of ASIC
- Concealing books relevant to investigation
- Legal professional privilege
- Notification of interests to ASIC
- Confidentiality
- Power to summon witnesses and take evidence
- False evidence
- Contempt of Panel
- Hearings
- Hearings
- Contempt of Disciplinary Board
- Financial Reporting Council’s information gathering powers
- Offences committed partly in and partly out of the jurisdiction
- S.12GB Offences against Subdivision D (Unconscionable conduct and consumer protection in relation to financial services)
- S.12GBCG Civil proceedings after criminal proceedings
- S.12GC Enforcement and recovery of certain fines against Subdivision D (Unconscionable conduct and consumer protection in relation to financial services)
- S.12GI Defences (Unconscionable conduct and consumer protection in relation to financial services)
- 12GLB ASIC Act Punitive orders requiring adverse publicity (Unconscionable conduct and consumer protection in relation to financial services)
- Part 3B Australian Securities and Investments Commission
- ASIC 19 Notice requiring appearance for examination (and the procedure)
- s.68 Australian Securities and Investments Commission
- s.69 Australian Securities and Investments Commission
- s.91 Australian Securities and Investments Commission
- 223 Australian Securities and Investments Commission
- 258 Australian Securities and Investments Commission
ASIC 19 Notice requiring appearance for examination (and the procedure)
|
Act & Section |
ASIC 19 Notice requiring appearance for examination (and the procedure) |
|
Type |
Procedural |
|
Process |
Service of a Notice |
|
What |
To command the person to attend the offices of ASIC and be examined about topics set out in the Notice. |
|
Observations |
The Notice can be provided to Officers, Employees, Clients and others who may be witnesses to specified conduct within the jurisdiction of ASIC, whom ASIC believe on reasonable grounds, can give information relevant to the matter they are investigating. The person nominated in the notice is to give all reasonable assistance and appear for examination, on oath or affirmation, before specified and authorised staff member. The examination will take place in private and be audio recorded. The Notice must state the general nature of the matter (do not expect any specifics or details) plus explain s.23 which means you may attend with a lawyer, and the lawyer may address the examiner and, when permitted to, ask questions about the matters the examiner has asked about. The Notice must also explain the protection against self-incrimination in s.68. The examination is compulsory, you must answer questions and provide documents if a further Notice has been issued and served under s.31, 32A or 33. An ASIC examination is unlike an examination under any other compulsory body. At other bodies a person is asked if they claim what is called “the protection”, which refers to the protection against self-incrimination. If so, the claim is made at the start of the examination and lasts until the end, unless there is a break in which case, the protection will be re-administered. With ASIC it is imperative the word “privilege” is said prior to answering any questions of an examiner. Failure to say privilege will mean the examinee has waived privilege over self-incrimination. There has even been a case where ASIC attempted to prosecute matters relying on partial answers where the word privilege was said part way into the answer. There are limited opportunities for a lawyer to object to questions, an experienced lawyer will know how to do this, and importantly, when it can be done. There is one statutory opportunity to object to a question and others at common Law. An experienced and confident lawyer is crucial to the fair conduct of an examination. An experienced and confident lawyer may even advise you, depending upon instructions, that a voluntary interview may serve you better in the long run. This is a very contentious and in-depth topic which will depend on the facts of a matter; it goes well beyond the scope of this material. If the interview becomes written eg it is transcribed, the examinee can be compelled to review and sign. If this occurs you can request a copy of the document subject to conditions (usually secrecy): s.24. |