Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 3 - Regulation of market licensees  

Subdivision A - Licensee's obligations  

SECTION 792B   OBLIGATION TO NOTIFY ASIC OF CERTAIN MATTERS  

792B(1)    

A market licensee must give written notice to ASIC, as soon as practicable, if it becomes aware that it may no longer be able to meet, or has breached, an obligation under section 792A .

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

792B(2)    
A market licensee must give written notice to ASIC, as soon as practicable, as required by the following paragraphs:

(a)    if the licensee provides a new class of financial service incidental to the operation of the market, the licensee must give notice that includes details of the new class;

(b)    if the licensee takes any kind of disciplinary action against a participant in the market, the licensee must give notice that includes:

(i) the participant ' s name; and

(ii) the reason for and nature of the action taken;

(c)    if the licensee has reason to suspect that a person has committed, is committing, or is about to commit a significant contravention of the market ' s operating rules or this Act, the licensee must give notice that includes:

(i) the person ' s name; and

(ii) details of the contravention or impending contravention; and

(iii) the licensee ' s reasons for that belief.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

792B(3)    
If a market licensee becomes aware of:

(a)    a matter that the licensee considers has adversely affected, is adversely affecting, or may adversely affect the ability of a participant in the market, who is a financial services licensee, to meet the participant ' s obligations as a financial services licensee; or

(b)    a matter, concerning a participant in the market who is a financial services licensee, that is of a kind prescribed by regulations made for the purposes of this paragraph;

the market licensee must give a written report to ASIC on the matter and send a copy of it to the participant.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

792B(4)    
A market licensee whose licence was granted under subsection 795B(2) (overseas markets) must, as soon as practicable, give written notice to ASIC if:

(a)    the licensee ceases to be authorised to operate a financial market in the foreign country in which the licensee ' s principal place of business is located; or

(b)    there is a significant change to the regulatory regime applying in relation to the market in the foreign country in which the licensee ' s principal place of business is located.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

792B(5)    
As soon as practicable after:

(a)    

a person becomes or ceases to be a director, secretary or senior manager of a market licensee or of a holding company of a market licensee (including when a person changes from one of those positions to another); or

(b)    

a market licensee becomes aware that a person has come to have, or has ceased to have, more than 20% of the voting power in the licensee or in a holding company of the licensee;

the licensee must give written notice of this to ASIC. The notice must include such other information about the matter as is prescribed by regulations made for the purposes of this subsection.

Note 1: To the extent that the licensee is required to give the notice and information under any other provision of this Act, the licensee may comply with this subsection by doing so. It need not provide the same information twice.

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

792B(7)    

A person contravenes this subsection if the person contravenes subsection (1) , (2) , (3) , (4) or (5) .

Note: This subsection is a civil penalty provision (see section 1317E ).