(1) The transferred records are taken: (a) to have been disclosed or given to ASIC for the purposes of any of its functions and powers; and (b) to have the status of protected information for the purposes of section 127 of the Australian Securities and Investments Commission Act 2001 . (2) ASIC may retain possession of a record or thing of which it is entitled to custody under subsection 4(1) for so long as ASIC considers it desirable to do so for the purposes of any of its functions and powers, despite any request from the owner of the document or thing for the return of the document or thing.