Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
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.
PART 7.5B
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REGULATION OF FINANCIAL BENCHMARKS
Division 3
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Financial benchmark rules and compelled financial benchmark rules
Subdivision D
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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.
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