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 2 - Regulation of derivative transactions: derivative transaction rules  

Subdivision C - The process of making derivative transaction rules  

SECTION 901L   EMERGENCY RULES: CONSULTATION AND CONSENT NOT REQUIRED  

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.