Part 3 of the Australian Securities and Investments Commission Act (the ASIC Act) gives ASIC extensive investigative and information-gathering powers.

ASIC has published Information Sheet 145 setting out its view of its compulsory information-gathering powers.

It is important that organisations regulated by ASIC have a policy in place regarding their response to receipt of a notice from ASIC to produce documents or provide information. Failure to co-operate could be an offence but you are entitled to obtain legal advice. In some cases, you may be able to negotiate a delay in enforcement of a notice until you have obtained legal advice.

If they are asked by ASIC to provide information, your employees must not intentionally mislead or deceive it or destroy or conceal relevant information.

If you receive a formal notice which on its face appears to be defective (eg addressed to the wrong company or identifying the wrong date or account number) then you should query it and get legal advice.

In some cases, you are legally obliged not to tell your customers that you have received a notice relating to their affairs.