Corporations Regulations 2001

For clause 39 of Schedule 4 to the Act, ASIC may, by declaration:

vary or revoke a relevant transitional instrument or requirement, or a determination under subregulation (1), that applies on the day on which the determination is made; or

modify the application of a relevant transitional instrument or requirement that applies on the day on which the determination is made.

However, ASIC must not vary or modify a relevant transitional instrument or requirement, or a determination, in relation to an obligation, contravention of which results in the commission of an offence, so as to make it more difficult to comply with the obligation.

Also, ASIC must consult with APRA before:

varying or revoking an ASIC transitional standard that is also an APRA transitional prudential standard; or

modifying the application of an ASIC transitional standard that is also an APRA transitional prudential standard.

A failure to comply with subregulation (4) does not affect the action taken by ASIC.