Section 901L — Corporations Act 2001 (Cth)

(1) ASIC may make a derivative transaction rule without consulting as required by section 901J, and without the consent of the Minister as required by section 901K, if ASIC is of the opinion that it is necessary, or in the public interest, to do so in order to protect:

(a) the Australian economy; or

(b) the efficiency, integrity and stability of the Australian financial system.

(2) 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.

(3) A direction under paragraph (2)(b) is not a legislative instrument.

Related sections

• s 901H — Matters to which ASIC must have regard when making rules
• s 901J — ASIC to consult before making rules
• s 901K — Ministerial consent to rules required
• s 901M — Amendment and revocation of derivative transaction rules
• s 902A — ASIC to supervise licensed derivative trade repositories
• s 903A — ASIC may make derivative trade repository rules

Research how courts apply s 901L

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