(b) That's wrong. Commonwealth legislation called the Australian Securities and Investments Commission Act 2001 gives various bodies, committees and boards the responsibility for administering the Corporations Act 2001.
These bodies include the Australian Securities and Investments Commission (ASIC); the Takeovers Panel; the Companies Auditors and Liquidators Disciplinary Board; the Financial Reporting Council; the Australian Accounting Standards Board; and the Financial Reporting Panel. Together, these bodies police companies and ensure compliance with the relevant law.
ASIC is the main regulatory body with a large staff. It maintains the register of Australian companies and makes relevant information publicly available. It investigates a wide variety of incidents involving misconduct or breaches of the law, and ensures compliance with reporting requirements.
To assist and inform those persons who are involved in the running of a company, ASIC issues regulatory guides from time to time. These statements indicate how ASIC will interpret the provisions of the Corporations Act in particular circumstances, or how ASIC will exercise any discretion that it may have. ASIC also has the power to modify the application of some parts of the Corporations Act in relation to particular companies, or to provide exemptions from statutory requirements in certain cases.