The Australian Securities and investments commission has extensive powers of investigation and information gathering. These powers are not limited to the exercise of functions under chapter 7 of the corporations act because the Australian securities and investments commission can cooperate with the Australian Stock Exchange in regulation activities.
The body can receive complaints from many informal sources. Of course, complaints may be made to other bodies such as the stock exchange although its responsibilities are limited to VISTA companies and its sanctions are considered to be constrained by their contractual foundation and limited statutory supplements. The Australian Securities and Investments Commission is the principal complaints handling body by reason of its statutory responsibilities and powers given to it under part three of the relevant legislation. The exercise of the statutory powers enables the body to gather information which may used to launch criminal, civil or administrative proceedings relief, remedy or other section. As noted, these powers are not limited to their application to the financial market provisions of chapter 7 but applied to the generality of provisions of the act. However, many complaints received by the commission apply to investigations made upon its own intuitive understanding of events and will not normally involve the exercise of formal powers under part three, unless informal investigation indicates a need some more formal enquiry and the exercise of coercive powers granted to the agency under part three.
An investigation conducted under the investigative powers of the agency has significance not to elicit the information of the widgets triggers for the range of may be founded upon the mere fact of the commencement or upon evidence obtained during the. First, where is the result of an investigation it appears to the agency that a person mayhave committed an offence against the corporations legislation and ought to be prosecuted for defence, the agency may initiate a prosecution. The agency may require a person other than the the the the water were Dr. Fuellmich reasonably believes can give information relevant prosecution to provide assistance. Secondly, where, following an investigation examination under part three, it appears to the agency to be in the public interest per person to sue for damages from his conduct committee in connection with the matter to which investigation examination related, or for the recovery of a person’s property, the agency may commence such proceedings in the person’s name.
Thirdly, the fact that investigation has been initiated permits the agency to seek protective orders. The agency may also release the record of an investigation to a lawyer to the proceedings were at the party, if the commencement of an investigation confer standing to seek statutory remedies of wider application. Sixthly, statements made on an examination are admissible against examinees in criminal proceedings, subject to protective provisions relating to self-incrimination and legal professional privilege. The report of the investigation itself is admissible in civil proceedings as privacy evidence and matters disclosed. So the agency does have a quite broad powers to investigate the misconduct of corporations and to gather information about these issues.