Section 828L — Corporations Act 2001: Emergency rules: consultation and consent not required

(1) ASIC may make a CS services rule without consulting as required by section 828J, and without the consent of the Minister as required by section 828K, 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) safety, fairness and effective competition in the provision of CS services. (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. (4) ASIC must not make a CS services rule in accordance with subsection (1) unless ASIC has consulted the Reserve Bank about the proposed rule. (5) A failure to consult as required by subsection (4) does not invalidate a CS services rule.