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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.2A - SUPERVISION OF FINANCIAL MARKETS    View history reference

SECTION 798G  MARKET INTEGRITY RULES  

 View history reference

798G(1)  [ASIC may make rules]  


ASIC may, by legislative instrument, make rules (the market integrity rules) that deal with the following:


(a) the activities or conduct of licensed markets;


(b) the activities or conduct of persons in relation to licensed markets;


(c) the activities or conduct of persons in relation to financial products traded on licensed markets.

Note: The market integrity rules will not apply in relation to all licensed markets: see subsection 798H(2).

798G(2)  [Rules may include penalty amounts]  


The market integrity rules may include a penalty amount for a rule. A penalty amount must not exceed $1,000,000.

798G(3)  [Rules must have Minister's consent]  


ASIC must not make a market integrity rule unless the Minister has consented, in writing, to the making of the rule.

798G(4)  Emergency rules.  


Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products.

798G(5)  [Directions of Minister to amend or revoke]  


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.

798G(6)  Minister's instruments are not legislative instruments.  


None of the following is a legislative instrument:


(a) a consent given under subsection (3);


(b) a direction given under paragraph (5)(b).


 



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