Document ID: chunk:federal_register_of_legislation:C2025C00185:section:849ca:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 849CA (pt 1/2)
Character Range: 3384194–3386829

849CA  Reserve Bank may object to exercise of certain powers by ASIC during crisis resolution
 (1) ASIC must not take action mentioned in subsection (2) in relation to a body corporate to which subsection (3) applies unless the Reserve Bank has, by written notice given to ASIC, informed ASIC that the Reserve Bank does not object to the action.
 (2) For the purposes of subsection (1), the actions are the following:
 (a) making market integrity rules or CS facility rules that the body corporate must comply with, other than a rule the Reserve Bank requests ASIC to make under subsection 849AB(1);
 (b) giving a direction under section 794A, 794D, 794E, 798J, 823A or 823D to the body corporate;
 (c) varying a direction mentioned in paragraph (b) of this subsection;
 (d) an action prescribed by the regulations for the purposes of this paragraph in relation to the body corporate.
 (3) This subsection applies in relation to a body corporate if:
 (a) the body corporate is under statutory management; or
 (b) all of the following subparagraphs apply:
 (i) the Reserve Bank has made a determination under section 837A that there is to be a transfer of shares in the body corporate;
 (ii) a certificate issued under section 838A that the transfer is to take effect has not come into force;
 (iii) the Reserve Bank has not determined under section 837F that the transfer is not to take effect; or
 (c) all of the following subparagraphs apply:
 (i) the Reserve Bank has made a determination under section 837B that there is to be a transfer of business of the body corporate;
 (ii) a certificate issued under section 838A that the transfer is to take effect has not come into force;
 (iii) the Reserve Bank has not determined under section 837F that the transfer is not to take effect; or
 (d) a direction given to the body corporate by the Reserve Bank under subsection 840A(1) is in force; or
 (e) the body corporate is:
 (i) a related body corporate of a CS facility licensee to which paragraph (a), (b), (c) or (d) of this subsection applies; or
 (ii) a market licensee that has clearing and settlement arrangements with a CS facility licensee to which paragraph (a), (b), (c) or (d) applies for the clearing and settlement of transactions through a clearing and settlement facility operated by the CS facility licensee.

Ministerial consideration of action
 (4) If:
 (a) ASIC has asked the Reserve Bank whether the Reserve Bank, for the purposes of subsection (1), does not object to an action; and
 (b) the Reserve Bank has not, by written notice given to ASIC, informed ASIC that the Reserve Bank does not object to the action;