(1) ASIC may, in accordance with an approval under subsection (4), by legislative instrument, declare that a product intervention order that is in force:
(a) remains in force until it is revoked; or
(b) remains in force for a specified period, unless it is revoked earlier.
Note: A declaration under this subsection has the effect of overriding any provisions in a product intervention order about the duration of the order: see subsection 1023G(3).
(2) ASIC may make more than one declaration under subsection (1) in relation to a product intervention order that is in force.
Approval of Minister
(3) ASIC may, at any time before the order ceases to be in force, give the Minister a report on whether the declaration should be made.
(4) After considering the report, the Minister may give an approval in writing for the purposes of subsection (1).