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 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 3 - Regulation of market licensees  

Subdivision C - Powers of ASIC  

SECTION 794AB   MATTERS RELATING TO ASIC DIRECTIONS - CRISIS RESOLUTION  

Variation or revocation

794AB(1)    
If the Reserve Bank, under subsection 849AB(1) , requests ASIC to vary a direction given to a market licensee under subsection 794AA(1) , ASIC may vary the direction by giving written notice to the licensee.

794AB(2)    
ASIC may revoke a direction given to a market licensee under subsection 794AA(1) by giving written notice to the licensee.

Notifying other affected persons

794AB(3)    
As soon as practicable after:

(a)    directing a market licensee under subsection 794AA(1) to do a thing mentioned in subsection 794AA(2) ; or

(b)    varying or revoking such a direction;

ASIC must give written notice of the direction, variation or revocation to the operator of each clearing and settlement facility with which the market licensee has clearing and settlement arrangements for transactions effected through the market.

Directions are not legislative instruments

794AB(4)    
A direction given under subsection 794AA(1) , a variation under subsection (1) of this section, or a revocation under subsection (2) of this section is not a legislative instrument.