(1) ASIC may, by legislative instrument, make rules (the market integrity rules ) that deal with the following:
(a) the activities or conduct of licensed markets;
(b) the activities or conduct of persons in relation to licensed markets;
(c) the activities or conduct of persons in relation to financial products traded on licensed markets.
Note: The market integrity rules will not apply in relation to all licensed markets: see subsection 798H(2).
(3) ASIC must not make a market integrity rule unless the Minister has consented, in writing, to the making of the rule.
(4) Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products.
(5) However, if ASIC does so, ASIC must:
(a) provide the Minister, on the following day, with a written explanation of the need for the rule; and
(b) amend or revoke the rule in accordance with any written directions of the Minister.
Minister's instruments are not legislative instruments
(6) None of the following is a legislative instrument:
(a) a consent given under subsection (3);
(b) a direction given under paragraph (5)(b).