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 3A - CS facility rules  

Subdivision C - The process of making CS facility rules  

SECTION 826M   ASIC TO CONSULT BEFORE MAKING RULES  

826M(1)    
ASIC must not make a CS facility rule unless ASIC:

(a)    has consulted the public about the proposed rule; and

(b)    has also consulted the following about the proposed rule:

(i) the Reserve Bank;

(ii) any other person or body prescribed by the regulations for the purposes of this subparagraph.

Note: In some situations, consultation is not required: see sections 826P and 826Q .

826M(2)    
Without limiting the ways in which ASIC may comply with the obligation in paragraph (1)(a) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website:

(a)    makes the proposed rule, or a description of the content of the proposed rule, available; and

(b)    invites the public to comment on the proposed rule.

826M(3)    
A failure to consult as required by subsection (1) does not invalidate a CS facility rule.