Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteASIC may make a CS services rule without consulting as required by section 828J , and without the consent of the Minister as required by section 828K , if ASIC is of the opinion that it is necessary, or in the public interest, to do so in order to protect: (a) the Australian economy; or (b) the efficiency, integrity and stability of the Australian financial system; or (c) safety, fairness and effective competition in the provision of CS services.
828L(2)
However, if ASIC does so, ASIC must: (a) provide the Minister, on the following day, with a written explanation of the need for the rule; and (b) amend or revoke the rule in accordance with any written directions of the Minister.
828L(3)
A direction under paragraph (2)(b) is not a legislative instrument.
828L(4)
ASIC must not make a CS services rule in accordance with subsection (1) unless ASIC has consulted the Reserve Bank of Australia about the proposed rule.
828L(5)
A failure to consult as required by subsection (4) does not invalidate a CS services rule.
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