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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES    View history reference

Division 2 - Regulation of derivative transactions: derivative transaction rules    View history reference

Subdivision C - The process of making of derivative transaction rules  

SECTION 901L  EMERGENCY RULES: CONSULTATION AND CONSENT NOT REQUIRED  

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901L(1)  

ASIC may make a derivative transaction rule without consulting as required by section 901J , and without the consent of the Minister as required by section 901K , 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.

901L(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.

901L(3)  

A direction under paragraph (2)(b) is not a legislative instrument.


 



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