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 826Q   CRISIS RESOLUTION - CONSULTATION AND CONSENT NOT REQUIRED  

826Q(1)    
ASIC may:

(a)    under section 826H , make a CS facility rule; or

(b)    under section 826R , vary a CS facility rule;

without consulting as required by section 826M , and without the consent of the Minister as required by subsection 826N(1) , if the Reserve Bank, under subsection 849AB(1) , requests ASIC to make the rule or variation.

826Q(2)    
However, if ASIC does so, ASIC must, on the following day, provide the Minister with a copy of the request.

826Q(3)    
The Minister may, if the Minister considers it appropriate after being provided with a copy of the request, direct ASIC to vary or revoke the rule.

826Q(4)    
ASIC must comply with the direction given under subsection (3) immediately.

826Q(5)    
A direction given under subsection (3) is not a legislative instrument.