Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 901J

  (1)   ASIC must not make a derivative transaction rule unless ASIC:

  (a)   has consulted the public about the proposed rule; and

  (b)   has also consulted the following about the proposed rule:

  (i)   APRA;

  (ii)   the Reserve Bank;

  (iii)   any other person or body as required by regulations made for the purpose of this subparagraph.

Note:   In some situations, consultation is not required: see section   901L.

  (2)   Without limiting the ways in which ASIC may comply with the obligation in paragraph   (1)(a) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website:

  (a)   makes the proposed rule, or a description of the content of the proposed rule, available; and

  (b)   invites the public to comment on the proposed rule.

  (3)   A failure to consult as required by subsection   (1) does not invalidate a derivative transaction rule.