Royal commission vs corporate regulator

POWERS OF A ROYAL COMMISSION VS CORPORATE REGULATOR

PROSECUTION POWERS

ROYAL COMMISSION: No power to prosecute but can refer to other bodies, such as police.

ASIC: Power to prosecute criminal and civil cases.

COERCIVE POWERS

ROYAL COMMISSION: Can summon a person to give evidence and produce documents, unless they have been charged with an offence or other proceedings have commenced.

ASIC: Require the appearance of a witness, inspect documents without warrant, require a person to produce documents even where evidence may be self-incriminating.

WHEN CAN COERCIVE INVESTIGATORY POWERS BE USED

ROYAL COMMISSION: If information is directly relevant to royal commission terms of reference.

ASIC: Where contravention is suspected. Minister can also direct ASIC to conduct an investigation in the public interest.

OFFENCE FOR RESISTING REQUESTS

ROYAL COMMISSION: Criminal offences for failing to give evidence, providing false evidence.

ASIC: Criminal offences for concealing documents, not attending examination or failing to answer questions or obstructing an investigation.

(Source: Treasurer Scott Morrison's office)