2. September 2011 15:17
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.