Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p95
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 95/148)
Character Range: 569667–572266

be listed, on that market; and
 (iii) the extent to which action taken by ASIC is severable from the wider supervision of the competitor's compliance with the listing rules; and
 (iv) its consultations (if any) with the competitor and ASX.
 (5) ASIC must, as soon as practicable, advise ASX and the competitor, in writing, of decisions under paragraphs (3)(c) and (4)(b).
 (6) If ASIC decides to make decisions and take action (or to require ASX to take action on ASIC's behalf) as mentioned in subregulation (2):
 (a) the decisions made and actions taken have effect despite anything in the listing rules of the market operated by ASX; and
 (b) decisions made and actions taken by ASIC (or action taken by ASX on ASIC's behalf) have effect as if they were decisions made and actions taken under the listing rules.
Note 1: It is expected that the listing rules of the market will support ASIC's power to take a supervisory role in relation to compliance with some or all of the listing rules.
Note 2: Under section 246 of the Australian Securities and Investments Commission Act 2001, ASIC is not liable to an action or other proceeding for damages for or in relation to an act done or omitted in good faith in performance or purported performance of any function, or in exercise or purported exercise of any power, conferred or expressed to be conferred by or under the corporations legislation.
Note 3: The powers available to ASIC include the power:
(a) to grant, or not to grant, waivers of the listing rules; and
(b) to impose conditions on which the grant of a waiver is made.
 (7) If ASIC believes, on reasonable grounds, that:
 (a) the period during which decisions will be made and action will be taken in a particular case is likely to be more than 3 months; and
 (b) the decisions and actions likely to be required are not adequately reflected in the listing rules of the market operated by ASX;
ASIC must notify ASX, in writing, of its belief.
 (8) ASX must, as soon as practicable after being notified under subregulation (7), amend the listing rules of the market operated by ASX to the extent necessary to meet ASIC's concerns.
Note: Amendments of the listing rules are subject to procedural requirements, including possible disallowance, mentioned in sections 793D and 793E of the Act.
 (9) If ASIC decides that it is no longer necessary for decisions to be made and action to be taken in relation to the particular conflict or potential conflict, ASIC must notify ASX and the competitor of its decision as soon as practicable.
 (10) ASX may repeal any listing rule or amendment made