Section 826P — Corporations Act 2001: Emergency rules—consultation and consent not required

(1) ASIC may, under section 826H, make a CS facility rule without consulting as required by section 826M, and without the consent of the Minister as required by subsection 826N(1), 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; or (c) the provision of fair and effective services by licensed CS facilities. (2) However, if ASIC does so, ASIC must, on the following day, provide the Minister and the Reserve Bank with a written explanation of the need for the rule. (3) The Minister may, if the Minister considers it appropriate after being provided with the explanation, direct ASIC to vary or revoke the rule. (4) ASIC must comply with the direction given under subsection (3) immediately. (5) A direction given under subsection (3) is not a legislative instrument.