Section 826M — Corporations Act 2001 (Cth)

(1) ASIC must not make a CS facility rule unless ASIC:

(a) has consulted the public about the proposed rule; and

(b) has also consulted the following about the proposed rule:

(i) the Reserve Bank;

(ii) any other person or body prescribed by the regulations for the purposes of this subparagraph.

Note: In some situations, consultation is not required: see sections 826P and 826Q.

(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 CS facility rule.

Related sections

• s 826J — Complying with CS facility rules
• s 826K — Inconsistency with other instruments
• s 826L — Alternatives to civil proceedings
• s 826N — Ministerial consent to rules required
• s 826P — Emergency rules—consultation and consent not required
• s 826Q — Crisis resolution—consultation and consent not required

Research how courts apply s 826M

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