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CORPORATIONS ACT 2001 - SECT 798G

Market integrity rules

             (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.

Emergency rules

             (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).



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