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 7.1 - PRELIMINARY  

Division 5 - Meaning of financial market  

SECTION 767A   MEANING OF FINANCIAL MARKET  

767A(1)    

A financial market is a facility through which:

(a)    offers to acquire or dispose of financial products are regularly made or accepted; or

(b)    offers or invitations are regularly made to acquire or dispose of financial products that are intended to result or may reasonably be expected to result, directly or indirectly, in:

(i) the making of offers to acquire or dispose of financial products; or

(ii) the acceptance of such offers.

767A(2)    

However, the following conduct does not constitute operating a financial market :

(a)    a person making or accepting offers or invitations to acquire or dispose of financial products on the person ' s own behalf, or on behalf of one party to the transaction only, unless the regulations specify circumstances in which such conduct does constitute operating a financial market and the person ' s conduct occurs in circumstances so specified;

(b)    conducting treasury operations between related bodies corporate;

(c)    a person, being the holder of a licence under an Australian law relating to the licensing of auctioneers, conducting an auction of forfeited shares;

(d)    any other conduct of a kind prescribed by regulations made for the purposes of this paragraph.

767A(3)    

Something that is done through or by means of the facility that constitutes a financial market is done on the financial market.

Note: For example, when securities are quoted or traded on a financial market.

Meaning of participant

767A(4)    

A person who is allowed to participate directly in a financial market under the market ' s operating rules is a participant in the market.

767A(5)    

A person who is:

(a)    recognised by the operating rules of the market as a suitably qualified affiliate of the market; and

(b)    involved in the carrying on of a financial services business (including as an employee, director or in some other capacity);

is also, for the purposes of the following provisions, a participant in the market:

(c)    paragraph 792B(2)(b) ;

(d)    section 793B ;

(e)    section 883A ;

(f)    subsection 915F(2) ;

(g)    paragraphs 923B(3)(a) and (b) ;

(h)    any other provisions prescribed by regulations for the purposes of this paragraph.