Section 904GA — Corporations Act 2001: Matters relating to ASIC directions—licensees not complying with their obligations

Referrals to the Minister (1) If, at any time after a derivative trade repository licensee receives a direction under subsection 904G(1), the licensee requests in writing that ASIC refer the direction to the Minister, ASIC must do so immediately. (2) The Minister may, if the Minister considers it appropriate after being referred the direction, direct ASIC to vary or revoke the direction. (3) ASIC must comply with the direction given under subsection (2) immediately. (4) A direction given under subsection (2) is not a legislative instrument. Variations and revocations (5) ASIC may vary or revoke a direction given under subsection 904G(1): (a) in like manner; and (b) subject to like conditions, except if a condition is contrary to a direction given under subsection (2) of this section; (see subsection 33(3) of the Acts Interpretation Act 1901). Notifying other affected persons (6) As soon as practicable after: (a) giving a direction under subsection 904G(1) to a derivative trade repository licensee; or (b) varying or revoking such a direction; ASIC must give written notice of the direction, variation or revocation to: (c) the operator of each financial market with which the licensed derivative trade repository has arrangements to provide services relating to derivative trade data; and (d) the operator of each clearing and settlement facility with which that repository has arrangements to provide services relating to derivative trade data. Directions are not legislative instruments (7) A direction given under subsection 904G(1) is not a legislative instrument.