Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 3   Financial market infrastructure: transfer of powers

Part 1   Main amendments

Division 1   Licensing of financial markets

Corporations Act 2001

14   At the end of section 794A

Add:

(5) If, at any time after the licensee receives a direction, the licensee requests in writing that ASIC refer the matter to the Minister, ASIC must do so immediately.

(6) The Minister may, if the Minister considers it appropriate after being referred the matter, direct ASIC to vary or revoke the direction.

(7) ASIC must comply with the direction given under subsection (6) immediately.

(8) A direction under subsection (6) is not a legislative instrument.