Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 3 - Financial benchmark rules and compelled financial benchmark rules  

Subdivision D - Matters relating to the making of each set of rules  

SECTION 908CL   ASIC TO CONSULT BEFORE MAKING RULES  

908CL(1)  
ASIC must not make a rule under this Division unless ASIC:

(a) has consulted the public about the proposed rule; and

(b) has also consulted any other person or body as required by regulations made for the purposes of this paragraph.

Note: In some situations, consultation is not required (see section 908CN ).

908CL(2)  
Without limiting the ways in which ASIC may comply with the obligation in paragraph (1)(a) 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.

908CL(3)  
A failure to consult as required by subsection (1) does not invalidate a rule.