Section 908CN — Corporations Act 2001: Emergency rules: consultation and consent not required

(1) ASIC may make a rule under this Division without consulting as required by section 908CL, and without the consent of the Minister as required by section 908CM, 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 or stability of the Australian financial system; or (c) the security or confidentiality of financial benchmark data. (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) vary or revoke the rule in accordance with any direction under subsection (3). (3) The Minister may give ASIC a written direction to vary or revoke a rule made as described in subsection (1). (4) A direction under subsection (3) is not a legislative instrument.