Commonwealth Consolidated Acts

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ASIC to consult before making product intervention orders

  (1)   ASIC must not make a product intervention order unless ASIC has:

  (a)   consulted persons who are reasonably likely to be affected by the proposed order; and

  (b)   if the proposed order will apply to a body that is regulated by APRA--consulted APRA; and

  (c)   complied with any other requirements as to consultation prescribed by regulations made for the purposes of this paragraph.

  (2)   Without limiting paragraph   (1)(a), ASIC is taken to comply with that paragraph if ASIC, on its website:

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

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

  (3)   A failure to comply with subsection   (1) does not invalidate a product intervention order.

  (4)   Section   17 of the Legislation Act 2003 (rule - makers should consult before making legislative instruments) does not apply to the making of a product intervention order.

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