CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients' money  

Subdivision AA - Client money reporting rules  

SECTION 981L   ASIC TO CONSULT BEFORE MAKING RULES  

981L(1)  
ASIC must not make a client money reporting rule unless ASIC has consulted the public about the proposed rule.

981L(2)  
Without limiting the ways in which ASIC may comply with the obligation in subsection (1) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website:


(a) makes the proposed rule, or a description of the content of the proposed rule, available; and


(b) invites the public to comment on the proposed rule.

981L(3)  
A failure to consult as required by subsection (1) does not invalidate a client money reporting rule.


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