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 B - Compliance with CS facility rules  

SECTION 826K   INCONSISTENCY WITH OTHER INSTRUMENTS  

Inconsistency with other rules

826K(1)    
If there is an inconsistency between the CS facility rules and any of the following rules:

(a)    the CS services rules;

(b)    the derivative transaction rules;

(c)    the derivative trade repository rules;

the CS facility rules prevail to the extent of the inconsistency.

Inconsistency with the financial stability standards

826K(2)    
If the Reserve Bank considers there is an inconsistency between a CS facility rule and one or more standards determined under section 827D , the Reserve Bank must refer the matter to the Minister.

Note: If there is an inconsistency between the CS facility rules and standards determined under section 827D , the standards prevail: see subsection 827D(2A) .

826K(3)    
The Minister may, if the Minister considers it appropriate after being referred the matter, direct ASIC to vary or revoke the CS facility rule.

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

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