Document ID: chunk:federal_register_of_legislation:C2010C00492:clause:1_798g
Version: federal_register_of_legislation:C2010C00492
Segment Type: clause
Provision Reference: sch 1 cl 798G
Character Range: 5615–7062

798G  Market integrity rules

 (1) ASIC may, by legislative instrument, make rules (the market integrity rules) that deal with the following:
 (a) the activities or conduct of licensed markets;
 (b) the activities or conduct of persons in relation to licensed markets;
 (c) the activities or conduct of persons in relation to financial products traded on licensed markets.

Note: The market integrity rules will not apply in relation to all licensed markets: see subsection 798H(2).

 (2) The market integrity rules may include a penalty amount for a rule. A penalty amount must not exceed $1,000,000.

 (3) ASIC must not make a market integrity rule unless the Minister has consented, in writing, to the making of the rule.

Emergency rules

 (4) Despite subsection (3), ASIC may make a market integrity rule without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to protect people dealing in a financial product or class of financial products.

 (5) 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.

Minister's instruments are not legislative instruments

 (6) None of the following is a legislative instrument:
 (a) a consent given under subsection (3);
 (b) a direction given under paragraph (5)(b).