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 5 - Regulation of licensed derivative trade repositories: other obligations and powers  

Subdivision B - Powers of Minister and ASIC to give directions etc.  

SECTION 904GA   MATTERS RELATING TO ASIC DIRECTIONS - LICENSEES NOT COMPLYING WITH THEIR OBLIGATIONS  

Referrals to the Minister

904GA(1)    
If, at any time after a derivative trade repository licensee receives a direction under subsection 904G(1) , the licensee requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately.

904GA(2)    
The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction.

904GA(3)    
ASIC must comply with the direction given under subsection (2) immediately.

904GA(4)    
A direction given under subsection (2) is not a legislative instrument.

Variations and revocations

904GA(5)    
ASIC may vary or revoke a direction given under subsection 904G(1) :

(a)    in like manner; and

(b)    subject to like conditions, except if a condition is contrary to a direction given under subsection (2) of this section;

(see subsection 33(3) of the Acts Interpretation Act 1901 ).

Notifying other affected persons

904GA(6)    
As soon as practicable after:

(a)    giving a direction under subsection 904G(1) to a derivative trade repository licensee; or

(b)    varying or revoking such a direction;

ASIC must give written notice of the direction, variation or revocation to:

(c)    the operator of each financial market with which the licensed derivative trade repository has arrangements to provide services relating to derivative trade data; and

(d)    the operator of each clearing and settlement facility with which that repository has arrangements to provide services relating to derivative trade data.

Directions are not legislative instruments

904GA(7)    
A direction given under subsection 904G(1) is not a legislative instrument.