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 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 2 - Regulation of derivative transactions: derivative transaction rules  

Subdivision C - The process of making derivative transaction rules  

SECTION 901J   ASIC TO CONSULT BEFORE MAKING RULES  

901J(1)    
ASIC must not make a derivative transaction rule unless ASIC:

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

(b)    

has also consulted the following about the proposed rule:

(i) APRA;

(ii) the Reserve Bank;

(iii) any other person or body as required by regulations made for the purpose of this subparagraph.

Note: In some situations, consultation is not required: see section 901L .

901J(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.

901J(3)    
A failure to consult as required by subsection (1) does not invalidate a derivative transaction rule.