Commonwealth Consolidated Acts

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Emergency rules: consultation and consent not required

  (1)   ASIC may make a derivative trade repository rule without consulting as required by section   903G, and without the consent of the Minister as required by section   903H, if ASIC is of the opinion that it is necessary, or in the public interest, to do so in order to protect:

  (a)   the Australian economy; or

  (b)   the efficiency, integrity and stability of the Australian financial system; or

  (c)   the security or confidentiality of derivative trade data.

  (2)   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.

  (3)   A direction under paragraph   (2)(b) is not a legislative instrument.

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