Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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.


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