Section 827D — Corporations Act 2001 (Cth)

(1) The Reserve Bank may, by legislative instrument, determine standards for the purposes of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall stability in the Australian financial system.

(2) The standards are to be complied with by:

(a) all CS facility licensees; or

(b) a specified class of CS facility licensees, in the case of a standard that is expressed to apply only in relation to that class.

(2A) If there is an inconsistency between the standards and any of the following:

(a) the CS facility rules;

(b) the CS services rules;

(c) the derivative transaction rules;

(d) the derivative trade repository rules;

the standards prevail to the extent of the inconsistency.

(3) Before the Reserve Bank determines a standard, it must consult with:

(a) the CS facility licensees that will be required to comply with the standard; and

(b) ASIC.

(4) A standard may impose different requirements to be complied with in different situations or in respect of different activities.

(5) A standard:

(a) comes into force:

(i) unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or

(ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and

(b) continues in force until it is revoked.

(6) The Reserve Bank may vary a standard by legislative instrument. Before it does so, it must consult with:

(a) the CS facility licensees that will be required to comply with the standard if it is varied as proposed; and

(b) ASIC.

(7) If the Reserve Bank determines or varies a standard, it must, as soon as practicable, give a copy of the standard, or of the variation, to the following:

(a) each CS facility licensee to which the standard applies;

(b) the Minister;

(c) ASIC.

(8) The Reserve Bank may revoke a standard by legislative instrument.

(9) If the Reserve Bank revokes a standard, it must, as soon as practicable, give notice of the revocation of the standard to the following:

(a) each CS facility licensee to which the standard applied;

(b) the Minister;

(c) ASIC.

Related sections

• s 827A — Matters to be taken into account by ASIC
• s 827B — ASIC may give advice to Minister and Reserve Bank
• s 827C — Reserve Bank may give advice to Minister and ASIC
• s 827DA — Reserve Bank may determine resolvability standards for CS facility licensees and certain related bodies corporate
• s 827DB — Resolution planning
• s 827E — Certain powers—consultation between ASIC and the Reserve Bank

Research how courts apply s 827D

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