Corporations Amendment Regulations 2010 (No. 7) (210 of 2010)
Schedule 1 Amendments
[28] After Part 10.5
insert
Part 10.14 Transitional provisions relating to the Corporations Amendment (Financial Market Supervision) Act 2010
10.14.01 Application of Part 10.14
For subsection 1513 (1) of the Act, this Part deals with matters of a transitional, application or saving nature relating to the amendments and repeals made by Schedule 1 to the Corporations Amendment (Financial Market Supervision) Act 2010 (the amending Schedule ).
10.14.02 Amendments not to apply to certain operators of licensed markets
The amendments made by the amending Schedule do not apply to the following operators of licensed markets:
(a) BGC Partners (Australia) Pty Limited;
(b) Bloomberg Tradebook Australia Pty Ltd;
(c) Mercari Pty Ltd;
(d) Yieldbroker Pty Limited.
Note The requirement in subsection 798H (1) of the Act for an operator of a licensed market to comply with the market integrity rules was introduced by one of the amendments made by the amending Schedule.
10.14.03 Transfer of documents
(1) This regulation applies if:
(a) an operator of a licensed market, a related body corporate of the operator, or an employee of the operator, gives information in confidence to ASIC; and
(b) the information relates to the operation of Part 7.2 of the Act; and
(c) the information was requested by, or given to, ASIC to help ASIC exercise its powers or perform its functions under Part 7.2A of the Act.
(2) The information does not cease to be the subject of legal professional privilege solely because the information has been given to ASIC.
(3) The operator or employee:
(a) has qualified privilege in respect of the giving of the information to ASIC; and
(b) is not liable to any person in relation to the giving of the information to ASIC.
(4) The giving of the information to ASIC is not to be taken to be:
(a) a contravention of a law, including a law relating to privacy or confidentiality; or
(b) a breach of contract or duty to a person.
10.14.04 Notifications, consents, waivers, etc
(1) This regulation applies if:
(a) an operator of a licensed market gave a written waiver, consent, recognition, accreditation, approval, determination, exemption or notification to a participant in the licensed market under the operating rules of the licensed market; and
(b) the power or obligation in the operating rules to give the waiver, consent, recognition, accreditation, approval, determination, exemption or notification is incorporated into the market integrity rules.
(2) The waiver, consent, recognition, accreditation, approval, determination, exemption or notification:
(a) is taken to have been given by ASIC under the market integrity rules; and
(b) will continue in its existing form, and continue to have the same effect, (as given under the operating rules) unless ASIC determines that it should be amended or revoked.
(3) ASIC may:
(a) determine that a waiver, consent, recognition, accreditation, approval, determination, exemption or notification is no longer appropriate; and
(b) determine, in writing, that the waiver, consent, recognition, accreditation, approval, determination, exemption or notification is amended or revoked as provided in the determination.
(4) If ASIC proposes to make a determination under subregulation (3), ASIC must give reasonable notice to the participant before making the determination.
10.14.05 Notification given by participant to operator of licensed market
(1) This regulation applies if:
(a) a participant in a licensed market gave the operator of the licensed market a written notification or certification under the operating rules of the licensed market; and
(b) the power or obligation in the operating rules to give the notification or certification is incorporated into the market integrity rules.
(2) The notification or certification:
(a) is taken to have been given to ASIC by the participant under the market integrity rules; and
(b) will continue in its existing form, and continue to have the same effect, (as given under the operating rules) unless ASIC otherwise determines.
(3) ASIC may:
(a) determine that a notification or certification is no longer appropriate; and
(b) determine, in writing, that the notification or certification is amended or revoked as provided in the determination.
(4) If ASIC proposes to make a determination under subregulation (3), ASIC must give reasonable notice to the participant before making the determination.
10.14.06 Registers
If:
(a) an operator of a licensed market kept a register under, or in relation to, the operating rules of the licensed market; and
(b) the relevant operating rules are incorporated into the market integrity rules;
the register is taken to be kept by ASIC under, or in relation to, the market integrity rules.