Section 243 of the Australian Securities and Investments Commission Act 2001 sets out the duties of the committee which include, among other things:

1. to inquire into, and report to both Houses on:
   1. activities of ASIC or the [Takeovers] Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; or
   2. the operation of the corporations legislation (other than the excluded provisions); or
   3. the operation of any other law of the Commonwealth, or any law of a State or Territory, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); or
   4. the operation of any foreign business law, or of any other law of a foreign country, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions)...