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 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 2 - Regulation of CS facility licensees  

Subdivision C - Powers of ASIC and the Reserve Bank in relation to licensees  

SECTION 823DA   MATTERS RELATING TO ASIC DIRECTIONS - PROTECTING DEALINGS IN FINANCIAL PRODUCTS AND ENSURING FAIR AND EFFECTIVE PROVISION OF SERVICES BY CS FACILITIES  

Referrals to the Minister

823DA(1)    
If, at any time after a CS facility licensee receives a direction under subsection 823D(1) , the licensee requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately.

823DA(2)    
The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction.

823DA(3)    
ASIC must comply with the direction given under subsection (2) immediately.

823DA(4)    
A direction given under subsection (2) is not a legislative instrument.

Variations and revocations

823DA(5)    
ASIC may vary or revoke a direction given under subsection 823D(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

823DA(6)    
As soon as practicable after:

(a)    giving a direction under subsection 823D(1) to a CS facility licensee; or

(b)    varying or revoking such a direction;

ASIC must give written notice of the direction, variation or revocation to:

(c)    the operator of each financial market with which the facility has arrangements to provide services for transactions effected through the market; and

(d)    if the direction relates to one or more specified financial products - each issuer of those products; and

(e)    the Reserve Bank.

Directions are not legislative instruments

823DA(7)    
A direction given under subsection 823D(1) is not a legislative instrument.