Section 901J — Corporations Act 2001: ASIC to consult before making rules

(1) ASIC must not make a derivative transaction rule unless ASIC: (a) has consulted the public about the proposed rule; and (b) has also consulted the following about the proposed rule: (i) APRA; (ii) the Reserve Bank; (iii) any other person or body as required by regulations made for the purpose of this subparagraph. Note: In some situations, consultation is not required: see section 901L. (2) Without limiting the ways in which ASIC may comply with the obligation in paragraph (1)(a) to consult the public about a proposed rule, ASIC is taken to comply with that obligation if ASIC, on its website: (a) makes the proposed rule, or a description of the content of the proposed rule, available; and (b) invites the public to comment on the proposed rule. (3) A failure to consult as required by subsection (1) does not invalidate a derivative transaction rule.