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CORPORATIONS ACT 2001 - SECT 798G Market integrity rules

CORPORATIONS ACT 2001 - SECT 798G

Market integrity rules

  (1)   ASIC may, by legislative instrument, make rules (the market integrity rules ) that deal with the following:

  (a)   the activities or conduct of licensed markets;

  (b)   the activities or conduct of persons in relation to licensed markets;

  (c)   the activities or conduct of persons in relation to financial products traded on licensed markets.

Note:   The market integrity rules will not apply in relation to all licensed markets: see subsection   798H(2).

  (3)   ASIC must not make a market integrity rule unless the Minister has consented, in writing, to the making of the rule.

Emergency rules

  (4)   Despite subsection   (3), ASIC may make a market integrity rule without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products.

  (5)   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.

Minister's instruments are not legislative instruments

  (6)   None of the following is a legislative instrument:

  (a)   a consent given under subsection   (3);

  (b)   a direction given under paragraph   (5)(b).

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