Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 3 - Regulation of market licensees  

Subdivision C - Powers of ASIC  

SECTION 794DA   MATTERS RELATING TO ASIC DIRECTIONS - PROTECTING DEALINGS IN FINANCIAL PRODUCTS  

Referrals to the Minister

794DA(1)    
If, at any time after a market licensee receives a direction under subsection 794D(1) , the licensee requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately.

794DA(2)    
The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction.

794DA(3)    
ASIC must comply with the direction given under subsection (2) immediately.

794DA(4)    
A direction given under subsection (2) is not a legislative instrument.

Variations and revocations

794DA(5)    
ASIC may vary or revoke a direction given under subsection 794D(1) :

(a)    in like manner; and

(b)    subject to like conditions, except if a condition is contrary to a direction given under subsection (2) of this section;

(see subsection 33(3) of the Acts Interpretation Act 1901 ).

Notifying other affected persons

794DA(6)    
As soon as practicable after:

(a)    giving a direction under subsection 794D(1) to a market licensee; or

(b)    varying or revoking such a direction;

ASIC must give written notice of the direction, variation or revocation to the operator of each clearing and settlement facility with which the market licensee has clearing and settlement arrangements for transactions effected through the market.

Directions are not legislative instruments

794DA(7)    
A direction given under subsection 794D(1) is not a legislative instrument.