Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Reserve Bank may, by legislative instrument, determine standards for the purposes of ensuring that:
(a) CS facility licensees; and
(b) related bodies corporate of CS facility licensees, being related bodies corporate that are incorporated in Australia;
conduct their affairs in a way that would assist the Reserve Bank to manage or respond to a condition in section 831A being satisfied in relation to a CS facility licensee.
(2) The standards are to be complied with by:
(a) both:
(i) all CS facility licensees; and
(ii) all related bodies corporate of those licensees, being related bodies corporate that are incorporated in Australia; or
(b) a specified class of those bodies corporate in the case of a standard that is expressed to apply only in relation to that class.
(3) Before the Reserve Bank determines a standard, it must consult with:
(a) the bodies corporate that will be required to comply with the standard; and
(b) ASIC.
(4) A standard may impose different requirements to be complied with in different situations or in respect of different activities.
(5) A standard:
(a) comes into force:
(i) unless subparagraph (ii) applies--on the day on which the determination of the standard is made; or
(ii) if that determination specifies a later day as the day on which the standard comes into force--on the day so specified; and
(b) continues in force until it is revoked.
(6) The Reserve Bank may, by legislative instrument, vary a standard. Before it does so, it must consult with:
(a) the CS facility licensees that will be required to comply with the standard if it is varied as proposed; and
(b) ASIC.
(7) The Reserve Bank may, by legislative instrument, revoke a standard. Before it does so, it must consult with ASIC.
Inconsistency with other rules
(8) If there is an inconsistency between the standards made under this section and any of the following:
(a) the standards made under section 827D;
(b) the derivative transaction rules;
(c) the derivative trade repository rules;
(d) the CS services rules;
(e) the CS facility rules;
the standards made under this section prevail to the extent of the inconsistency.
Overseas clearing and settlement facilities
(9) A reference in this section to a CS facility licensee does not include a reference to a CS facility licensee if the licensee's only Australian CS facility licence, or all of the licensee's Australian CS facility licences, are granted under subsection 824B(2) (overseas clearing and settlement facilities).