(1) ASIC must not make a derivative transaction rule unless ASIC:
(a) has consulted the public about the proposed rule; and
(b) has also consulted the following about the proposed rule:
(i) APRA;
(ii) the Reserve Bank of Australia;
(iii) any other person or body as required by regulations made for the purpose of this subparagraph.
Note: In some situations, consultation is not required: see section 901L.
(2) Without limiting the ways in which ASIC may comply with the obligation in paragraph (1)(a) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website:
(a) makes the proposed rule, or a description of the content of the proposed rule, available; and
(b) invites the public to comment on the proposed rule.
(3) A failure to consult as required by subsection (1) does not invalidate a derivative transaction rule.