(1) As soon as practicable after giving the benchmark administrator licensee:
(a) a direction under subsection 908BT(1); or
(b) a notice of variation or revocation under subsection 908BT(4);
ASIC must give the Minister a copy of the direction or notice.
(2) Within 30 days after ASIC gives the Minister the copy of the direction or notice, the Minister may, by written instrument, disallow all or a specified part of that direction or notice.
(3) In deciding whether to do so, the Minister must have regard to:
(a) the consistency of the direction or notice with the licensee's obligations referred to in subsection 908BT(1); and
(b) the matters referred to in subsection 908BO(2).
(4) As soon as practicable after all or a part of a direction or notice is disallowed, ASIC must give notice of the disallowance to the licensee. The direction or notice ceases to have effect, to the extent of the disallowance, when the licensee receives notice of the disallowance.
(5) An instrument under subsection (2) is not a legislative instrument.