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 rule under this Division without consulting as required by section 908CL , and without the consent of the Minister as required by section 908CM , 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 or stability of the Australian financial system; or
(c) the security or confidentiality of financial benchmark data.
908CN(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) vary or revoke the rule in accordance with any direction under subsection (3).
908CN(3)
The Minister may give ASIC a written direction to vary or revoke a rule made as described in subsection (1).
908CN(4)
A direction under subsection (3) is not a legislative instrument.
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