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Asic – Information Gathering

ASIC has broad and compulsory powers to gather documents and information for use in its work – legislated through the ASIC Act.

These powers are detailed and explained in ASIC Information Sheet 145: ASIC’s Compulsory Information-gathering Powers which covers how and why ASIC gathersinformation, and how it uses the information it gathers.

As ASIC explains, compulsory information-gathering powers are an important and necessary part of the work it does. The powers:

  • enable ASIC to obtain relevant information they need to make regulatory and enforcement decisions;
  • ensure that people providing assistance to ASIC are protected (a person will not be subject to a liability merely because they complied with a notice to provide information or documents issued by ASIC);
  • 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 them to require a person or company to:

  • provide ASIC with documents and information; and
  • attend an examination to answer questions and/or provide reasonable assistance.

INFO 145 covers ASIC’s compulsory information-gathering powers, including:

  • an explanation of why they need information-gathering powers;
  • an explanation of how they use information-gathering powers;
  • an overview of their most commonly used information-gathering powers;
  • a description of ASIC’s approach to using these powers;
  • information about what it means for people or companies when they receive a notice to produce documents or provide information; and
  • frequently asked questions.

*Originally written by Company Secretary, an Australian virtual company secretary service.

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