Section 794AB — Corporations Act 2001: Matters relating to ASIC directions—crisis resolution

Variation or revocation (1) If the Reserve Bank, under subsection 849AB(1), requests ASIC to vary a direction given to a market licensee under subsection 794AA(1), ASIC may vary the direction by giving written notice to the licensee. (2) ASIC may revoke a direction given to a market licensee under subsection 794AA(1) by giving written notice to the licensee. Notifying other affected persons (3) As soon as practicable after: (a) directing a market licensee under subsection 794AA(1) to do a thing mentioned in subsection 794AA(2); or (b) varying or revoking such a direction; ASIC must give written notice of the direction, variation or revocation to the operator of each clearing and settlement facility with which the market licensee has clearing and settlement arrangements for transactions effected through the market. Directions are not legislative instruments (4) A direction given under subsection 794AA(1), a variation under subsection (1) of this section, or a revocation under subsection (2) of this section is not a legislative instrument.