Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (87 of 2024)
Schedule 2 Financial market infrastructure: new and enhanced regulatory powers
Part 6 Limits on certain market licences and CS facility licences
Corporations Act 2001
57 Section 820C
Repeal the section, substitute:
820C Exemptions by ASIC
Exemption of particular clearing and settlement facility or person
(1) ASIC may, in writing, exempt:
(a) a particular clearing and settlement facility; or
(b) a particular person;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations and other instruments made for the purposes of this Part: see section 761H.
(2) An exemption given under subsection (1) may apply:
(a) unconditionally or subject to specified conditions; and
(b) for a specified period or indefinitely (the exemption duration ).
(3) ASIC may, at any time, in writing:
(a) vary an exemption given under subsection (1) to:
(i) impose conditions, or additional conditions, on the exemption; or
(ii) vary or revoke any of the conditions on the exemption; or
(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
(b) revoke an exemption given under subsection (1).
(4) However, ASIC may only take action under subsection (3) after giving notice, and an opportunity to make submissions on the proposed action, to:
(a) if paragraph (1)(a) applies to the exemption - the operator of the clearing and settlement facility covered by the exemption; or
(b) if paragraph (1)(b) applies to the exemption - the person covered by the exemption.
(5) An exemption given under subsection (1), or a variation or revocation made under subsection (3), is not a legislative instrument.
(6) If ASIC gives an exemption under subsection (1), or varies or revokes an exemption under subsection (3), ASIC must publish notice of the exemption, variation or revocation on ASIC's website.
Exemption of classes of clearing and settlement facilities and persons
(7) ASIC may, by legislative instrument, exempt:
(a) a class of clearing and settlement facilities; or
(b) a class of persons;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations and other instruments made for the purposes of this Part: see section 761H.
(8) An exemption given under subsection (7) may apply:
(a) unconditionally or subject to specified conditions; and
(b) for a specified period or indefinitely (the exemption duration ).
(9) ASIC may, at any time, by legislative instrument:
(a) vary an exemption given under subsection (7) to:
(i) impose conditions, or additional conditions, on the exemption; or
(ii) vary or revoke any of the conditions on the exemption; or
(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
(b) revoke an exemption given under subsection (7).
(10) However, ASIC may only take action under subsection (9) after:
(a) giving notice, and an opportunity to make submissions on the proposed action, to:
(i) if paragraph (7)(a) applies - the operator of each clearing and settlement facility known by ASIC to be covered by the exemption; or
(ii) if paragraph (7)(b) applies - each person known by ASIC to be covered by the exemption; and
(b) both:
(i) a notice has been published on ASIC's website allowing a reasonable period within which the operator of each clearing and settlement facility covered by the exemption, or each person covered by the exemption, (as applicable) may make submissions on the proposed action; and
(ii) that period has ended.
Provisions of this Part to which this section does not apply
(11) Subsection (1) or (7) does not apply to the following provisions of this Part:
(a) paragraph 821A(1)(aa) or (ab);
(b) a standard determined under section 827D or 827DA.
Note: For exemptions from paragraph 821A(1)(aa) or (ab) or a standard determined under section 827D or 827DA, see section 820CA.