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 7.3A - CS SERVICES  

Division 2 - Regulation of CS services: CS services rules  

Subdivision D - The process of making CS services  

SECTION 828L   EMERGENCY RULES: CONSULTATION AND CONSENT NOT REQUIRED  

828L(1)    
ASIC may make a CS services rule without consulting as required by section 828J , and without the consent of the Minister as required by section 828K , 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; or

(c)    safety, fairness and effective competition in the provision of CS services.

828L(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.

828L(3)    
A direction under paragraph (2)(b) is not a legislative instrument.

828L(4)    
ASIC must not make a CS services rule in accordance with subsection (1) unless ASIC has consulted the Reserve Bank of Australia about the proposed rule.

828L(5)    
A failure to consult as required by subsection (4) does not invalidate a CS services rule.