Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, by legislative instrument, make rules (the market integrity rules ) that deal with the following:
(a) the activities or conduct of licensed markets;
(b) the activities or conduct of persons in relation to licensed markets;
(c) the activities or conduct of persons in relation to financial products traded on licensed markets.
Note: The market integrity rules will not apply in relation to all licensed markets: see subsection 798H(2).
(2) Without limiting subsection (1), the market integrity rules may:
(a) provide for applications to be made to the Administrative Review Tribunal for review of decisions made under the rules; and
(b) contain provisions that apply:
(i) in addition to the Administrative Review Tribunal Act 2024 ; or
(ii) instead of that Act; or
(iii) contrary to that Act.
(3) ASIC must not make a market integrity rule unless the Minister has consented, in writing, to the making of the rule.
Emergency rules
(4) Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products.
(5) 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.
Crisis resolution
(5A) Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if the Reserve Bank, under subsection 849AB(1), requests ASIC to make the rule.
(5B) However, if ASIC does so, ASIC must provide the Minister, on the following day, with a copy of the request.
(5C) The Minister may, if the Minister considers it appropriate after being given the copy of the request, direct ASIC to vary or revoke the rule.
(5D) ASIC must comply with the direction given under subsection (5C) immediately.
Minister's instruments are not legislative instruments
(6) None of the following is a legislative instrument:
(a) a consent given under subsection (3);
(b) a direction given under paragraph (5)(b);
(c) a direction given under subsection (5C).