Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)

Schedule 1   Financial market infrastructure: resolution authority

Part 1   Crisis resolution

Corporations Act 2001

10   After subsection 798G(5)

Insert:

Crisis resolution

(5A) Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if the Reserve Bank, under subsection 849AB(1), requests ASIC to make the rule.

(5B) However, if ASIC does so, ASIC must provide the Minister, on the following day, with a copy of the request.

(5C) The Minister may, if the Minister considers it appropriate after being given the copy of the request, direct ASIC to vary or revoke the rule.

(5D) ASIC must comply with the direction given under subsection (5C) immediately.