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 7.2A - SUPERVISION OF FINANCIAL MARKETS  

SECTION 798JA   MATTERS RELATING TO ASIC DIRECTIONS - PROTECTING PEOPLE DEALING IN FINANCIAL PRODUCTS  

Referrals to the Minister

798JA(1)    
If, at any time after an entity receives a direction under subsection 798J(1) , the entity requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately.

798JA(2)    
The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction.

798JA(3)    
ASIC must comply with the direction given under subsection (2) immediately.

798JA(4)    
A direction given under subsection (2) is not a legislative instrument.

Variations and revocations

798JA(5)    
ASIC may vary or revoke a direction given under subsection 798J(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 ).

Directions are not legislative instruments

798JA(6)    
A direction given under subsection 798J(1) is not a legislative instrument.