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 4 - The Australian market licence  

Subdivision B - The conditions on the licence  

SECTION 796A   THE CONDITIONS ON THE LICENCE  

796A(1)    

ASIC may, at any time:

(a)    impose conditions, or additional conditions, on an Australian market licence; or

(b)    vary or revoke conditions imposed on such a licence;

by giving written notice to the licensee. ASIC must also publish a notice on ASIC ' s website with details of the action and when it took effect.

Note: As well as the requirements in this section, ASIC must also have regard to the matters in section 798A .

796A(2)    

ASIC may do so:

(a)    

on ASIC ' s own initiative, subject to subsection (3) ; or

(b)    

if the licensee lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the prescribed documents, if any.

Note: For fees in respect of lodging applications, see Part 9.10 .

796A(3)    

ASIC may only impose conditions or additional conditions, or vary the conditions, on the licence on ASIC ' s own initiative if:

(a)    

ASIC considers it appropriate to do so having regard to:

(i) the licensee's obligations as a market licensee under this Chapter; and

(ii) any change in market operations or the conditions in which the market is operating; and

(b)    

ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.

This subsection does not apply to ASIC imposing conditions when a licence is granted.

796A(4)    

ASIC must ensure that each Australian market licence is subject to conditions that specify:

(a)    the particular market that the licensee is authorised to operate; and

(b)    the class or classes of financial products that can be dealt with on the market; and

(c)    

if ASIC considers that the licensee should have clearing and settlement arrangements for transactions effected through the market - the type of clearing and settlement arrangements that are adequate.

Note: If compensation arrangements in relation to the market are approved under Division 3 of Part 7.5 , there must also be conditions as required by subsection 882A(4) or paragraph 882B(4)(b) .

796A(6)    
(Repealed by No 87 of 2024, s 3, Sch 3[44] (effective 24 September 2024).)