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 908CN   EMERGENCY RULES: CONSULTATION AND CONSENT NOT REQUIRED  

908CN(1)  
ASIC may make a rule under this Division without consulting as required by section 908CL , and without the consent of the Minister as required by section 908CM , 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 or stability of the Australian financial system; or

(c) the security or confidentiality of financial benchmark data.

908CN(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) vary or revoke the rule in accordance with any direction under subsection (3).

908CN(3)  
The Minister may give ASIC a written direction to vary or revoke a rule made as described in subsection (1).

908CN(4)  
A direction under subsection (3) is not a legislative instrument.