Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 823DA

Referrals to the Minister

  (1)   If, at any time after a CS facility licensee receives a direction under subsection   823D(1), the licensee requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately.

  (2)   The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction.

  (3)   ASIC must comply with the direction given under subsection   (2) immediately.

  (4)   A direction given under subsection   (2) is not a legislative instrument.

Variations and revocations

  (5)   ASIC may vary or revoke a direction given under subsection   823D(1):

  (a)   in like manner; and

  (b)   subject to like conditions, except if a condition is contrary to a direction given under subsection   (2) of this section;

(see subsection   33(3) of the Acts Interpretation Act 1901 ).

Notifying other affected persons

  (6)   As soon as practicable after:

  (a)   giving a direction under subsection   823D(1) to a CS facility licensee; or

  (b)   varying or revoking such a direction;

ASIC must give written notice of the direction, variation or revocation to:

  (c)   the operator of each financial market with which the facility has arrangements to provide services for transactions effected through the market; and

  (d)   if the direction relates to one or more specified financial products--each issuer of those products; and

  (e)   the Reserve Bank.

Directions are not legislative instruments

  (7)   A direction given under subsection   823D(1) is not a legislative instrument.