Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 828B

Requirements can only be imposed in relation to CS services covered by a determination under this section

  (1)   The CS services rules cannot impose requirements in relation to CS services unless the CS services are covered by a determination under this section.

Minister may determine classes of CS services

  (2)   For the purposes of subsection   (1), the Minister may, by legislative instrument, make a determination specifying one or more classes of CS services.

Making determinations by reference to matters

  (3)   A determination under subsection   (2) may specify a class of CS services by reference to any of the following matters:

  (a)   CS facilities to which the CS services have access;

  (b)   CS facilities, where data to which the CS services have access is used in the operation of the CS facilities;

  (c)   financial products to which the CS services relate.

  (4)   Subsection   (3) does not limit:

  (a)   the matters by reference to which a determination under subsection   (2) may specify a class of CS services; and

  (b)   the operation of subsection   13(3) of the Legislation Act 2003 .

Making determinations: matters to which the Minister has regard

  (5)   In considering whether to make a determination under subsection   (2), the Minister:

  (a)   must have regard to:

  (i)   the likely effect on the Australian economy, and on the efficiency, integrity and stability of the Australian financial system, of making the determination; and

  (ii)   the likely regulatory impact of making the determination; and

  (iii)   the likely effect of making the determination on the safety, fairness and effectiveness of competition in the provision of CS services; and

  (b)   must have regard to the matters (if any) raised by ASIC, the ACCC or the Reserve Bank in advice provided under subsection   (6) in relation to the determination; and

  (c)   may have regard to any other matters that the Minister considers relevant.

Note:   Matters that the Minister may have regard to under paragraph   (c) may, for example, include any relevant international standards and international commitments.

ASIC, ACCC or Reserve Bank may advise Minister

  (6)   ASIC, the ACCC or the Reserve Bank may (on its own initiative) and must (at the request of the Minister):

  (a)   consider whether a determination should be made under subsection   (2) specifying one or more particular classes of CS services; and

  (b)   advise the Minister accordingly.

Amendment and revocation of determinations

  (7)   The Minister may amend or revoke a determination under subsection   (2) in like manner and subject to like conditions (see subsections   33(3) and (3AA) of the Acts Interpretation Act 1901 ).