Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.5 - DETERMINATIONS AND DECLARATIONS IN RELATION TO CERTAIN INSTRUMENTS  

REGULATION 12.5.02   APPLICATION, VARIATION, REVOCATION AND MODIFICATION  

12.5.02(2)   [ Revocation or variation of transitional instrument]  

For clause 39 of Schedule 4 to the Act, ASIC may, by declaration:

(a) vary or revoke a relevant transitional instrument or requirement, or a determination under subregulation (1), that applies on the day on which the determination is made; or

(b) modify the application of a relevant transitional instrument or requirement that applies on the day on which the determination is made.

12.5.02(3)   [ Limitation on powers]  

However, ASIC must not vary or modify a relevant transitional instrument or requirement, or a determination, in relation to an obligation, contravention of which results in the commission of an offence, so as to make it more difficult to comply with the obligation.

12.5.02(4)   [ Consultation with APRA]  

Also, ASIC must consult with APRA before:

(a) varying or revoking an ASIC transitional standard that is also an APRA transitional prudential standard; or

(b) modifying the application of an ASIC transitional standard that is also an APRA transitional prudential standard.

12.5.02(5)   [ Effect of failure to consult]  

A failure to comply with subregulation (4) does not affect the action taken by ASIC.