Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may:
(a) under section 826H, make a CS facility rule; or
(b) under section 826R, vary a CS facility rule;
without consulting as required by section 826M, and without the consent of the Minister as required by subsection 826N(1), if the Reserve Bank, under subsection 849AB(1), requests ASIC to make the rule or variation.
(2) However, if ASIC does so, ASIC must, on the following day, provide the Minister with a copy of the request.
(3) The Minister may, if the Minister considers it appropriate after being provided with a copy of the request, direct ASIC to vary or revoke the rule.
(4) ASIC must comply with the direction given under subsection (3) immediately.
(5) A direction given under subsection (3) is not a legislative instrument.