Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Reserve Bank of Australia (the Reserve Bank ) may, in writing, determine standards for the purposes of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall stability in the Australian financial system.
(2) The standards are to be complied with by:
(a) all CS facility licensees; or
(b) a specified class of CS facility licensees, in the case of a standard that is expressed to apply only in relation to that class.
(2A) If there is an inconsistency between the standards and the CS services rules, the derivative transaction rules or the derivative trade repository rules, the standards prevail to the extent of the inconsistency.
(3) Before the Reserve Bank determines a standard, it must consult with:
(a) the CS facility licensees that will be required to comply with the standard; and
(b) ASIC.
(4) A standard may impose different requirements to be complied with in different situations or in respect of different activities.
(i) unless subparagraph (ii) applies--on the day on which the determination of the standard is made; or
(ii) if that determination specifies a later day as the day on which the standard comes into force--on the day so specified; and
(b) continues in force until it is revoked.
(6) The Reserve Bank may vary a standard in writing. Before it does so, it must consult with:
(a) the CS facility licensees that will be required to comply with the standard if it is varied as proposed; and
(b) ASIC.
(7) If the Reserve Bank determines or varies a standard, it must, as soon as practicable:
(a) cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published in the Gazette ; and
(b) make the text of the notice available on the internet; and
(c) give a copy of the standard, or of the variation, to the following:
(i) each CS facility licensee to which the standard applies;
(iii) ASIC.
(8) The Reserve Bank may revoke a standard in writing. Before it does so, it must consult with ASIC.
(9) If the Reserve Bank revokes a standard, it must, as soon as practicable:
(a) cause a notice advising of the revocation of the standard to be published in the Gazette ; and
(b) make the text of the notice available on the internet; and
(c) give notice of the revocation of the standard to the following:
(i) each CS facility licensee to which the standard applied;
(iii) ASIC.
(10) The Reserve Bank must take reasonable steps to ensure that
copies of the current text of the standards are available for inspection and
purchase.