Section 243 of the Australian Securities and Investments Commission Act 2001 sets out the duties of the committee as follows:

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); and
2. to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; and
3. to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.