Rule change process

Operating Rules are only able to be changed in accordance with section 793D (in relation to market operators) and section 822D (in relation to Clearing and Settlement facilities) of the Corporations Act.  Proposed Rule changes are notified to ASIC by ASX, ACH or ASTC, as the case may be, and ASIC is required to send a copy of that notice to the Minister.  Proposed Rule changes that are notified to ASIC must be in a particular format, including detailing the text of the proposed change, the date on which the change is made and an explanation of the purpose of the change.ASIC provides a recommendation to the Minister in relation to the proposed Rules. 

Within 28 days after ASIC receives the notice the Minister may disallow all or a specified part of the change (Section 793E in relation to market operators and section 822E in relation to Clearing and Settlement facilities).  If the Rules are not disallowed by the Minister within this timeframe, they will be brought into effect.  ASX, ACH and ASTC seek to keep companies and Participants as informed as possible about the effective date of the new Rules, however sometimes this is not possible given the process. Companies and Participants are also encouraged to monitor the upcoming Rule changes pages to keep up-to-date on any new Rules which are exposed for public comment.

Where appropriate, ASX, ACH or ASTC, as the case may be, will advise relevant stakeholders and the public in relation to the proposed changes through an exposure draft or other public consultation process.  Submissions are sought from interested parties in respect of the proposed changes before ASX, ACH or ASTC formally lodge the proposed changes with ASIC.  During this time ASX, ACH or ASTC, as the case may be, will also discuss the proposed changes with ASIC.