Commonwealth Consolidated Acts

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ASIC to consult before making rules

             (1)  ASIC must not make a client money reporting rule unless ASIC has consulted the public about the proposed rule.

             (2)  Without limiting the ways in which ASIC may comply with the obligation in subsection (1) 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 client money reporting rule.

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