(1) ASIC must not make a rule under this Division unless ASIC:
(a) has consulted the public about the proposed rule; and
(b) has also consulted any other person or body as required by regulations made for the purposes of this paragraph.
Note: In some situations, consultation is not required (see section 908CN).
(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 rule.