Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision B - Treatment of existing markets  

SECTION 1418   TREATMENT OF EXEMPT STOCK MARKETS AND EXEMPT FUTURES MARKETS (OTHER THAN MARKETS WITH NO IDENTIFIABLE SINGLE OPERATOR)  

1418(1)   [ Application]  

This section applies to the following markets:

(a) stock markets being operated immediately before the FSR commencement that were, at that time, covered by a declaration (the declaration of exemption ) in force immediately before the FSR commencement under subsection 771(1) of the old Corporations Act;

(b) futures markets being operated immediately before the FSR commencement that were, at that time, covered by a declaration (the declaration of exemption ) in force immediately before the FSR commencement under subsection 1127(1) of the old Corporations Act.

However it does not apply to any market to which section 1419 applies.

1418(2)   [ No application]  

Subject to subsection (5), section 791A of the amended Corporations Act does not apply in relation to a stock market or futures market to which this section applies during the period (the transition period ) starting on the FSR commencement and ending on whichever of the following first occurs:

(a) the end of the period of 2 years starting on the FSR commencement;

(b) the operator of the market is granted a licence under section 795B of the amended Corporations Act covering the operation of the market;

(c) the Minister makes an exemption under section 791C of the amended Corporations Act covering the market;

(d) the declaration of exemption is revoked.

1418(3)   [ Continued application of old legislation]  

Subject to subsections (4) and (5), Part 7.2 (in the case of a stock market), or Part 8.2 (in the case of a futures market), and any associated provisions, (the relevant old legislation ) of the old Corporations Act continue to apply in relation to a stock market or futures market to which this section applies during the transition period for the market.

1418(4)   [ Variation of exemption]  

The declaration of exemption (including any conditions specified in the declaration) for a stock market or futures market to which this section applies cannot be varied during the transition period for the market so as to cover the market providing services that were not covered by the declaration as in force immediately before the FSR commencement. However, it may be varied in other ways, or revoked, by the Minister in writing.

1418(5)   [ Regulations]  

The regulations may do all or any of the following:

(a) provide that some or all of the relevant old legislation does not apply in relation to a stock market or futures market to which this section applies during some or all of the transition period for the market;

(b) provide that some or all of the relevant old legislation applies in relation to a stock market or futures market to which this section applies with specified modifications during some or all of the transition period for the market;

(c) provide that specified provisions of the amended Corporations Act (including section 791A), and any associated provisions, apply in relation to a stock market or futures market to which this section applies during some or all of the transition period for the market with specified modifications.