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 5 - Other matters  

SECTION 798A   MATTERS TO BE TAKEN INTO ACCOUNT BY ASIC  

798A(1)    

ASIC must have regard to certain matters in deciding whether to:

(a)    grant an applicant an Australian market licence under section 795B ; or

(b)    impose, vary or revoke conditions on such a licence under section 796A ; or

(c)    suspend or cancel such a licence under section 797C ; or

(d)    disallow a change to the operating rules of a licensed market under section 793E .

798A(2)    

These are the matters ASIC must have regard to:

(a)    the structure, or proposed structure, of the market;

(b)    the nature of the activities conducted, or proposed to be conducted, on the market;

(c)    the size, or proposed size, of the market;

(d)    the nature of the financial products dealt with, or proposed to be dealt with, on the market;

(e)    the participants, or proposed participants, in the market and:

(i) whether those participants, in effecting transactions through the market, are, or will be, providing financial services to other persons; and

(ii) whether those participants acquire or dispose, or will acquire or dispose, of financial products through the market as retail clients or as wholesale clients; and

(iii) whether those participants are also, or will also be, participants in any other financial markets;

(f)    the technology used, or proposed to be used, in the operation of the market;

(g)    whether it would be in the public interest to take the action referred to in subsection (1) ;

(h) (Repealed)

ASIC may also have regard to any other matter that ASIC considers relevant.

798A(3)    

If ASIC is deciding whether to take the action referred to in paragraph (1)(a) , (b) or (c) in respect of an Australian market licence granted under subsection 795B(2) (overseas markets), ASIC must also have regard to:

(a)    the criteria that the licensee or applicant satisfied to obtain an authorisation to operate the same market in the foreign country in which their principal place of business is located; and

(b)    the obligations they must continue to satisfy to keep the authorisation; and

(c)    the level of supervision to which the operation of the market in that country is subject; and

(d)    whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision.