Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
The Minister 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. The Minister must also publish a notice in the Gazette with details of the action and when it took effect.
Note: As well as the requirements in this section, the Minister must also have regard to the matters in section 798A .
796A(2)
The Minister may do so: (a) on his or her own initiative, subject to subsection (3) ; or (b) if the licensee lodges with ASIC in a prescribed form an application for the Minister 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)
The Minister may only impose conditions or additional conditions, or vary the conditions, on the licence on his or her own initiative if: (a) he or she considers it appropriate to do so having regard to:
(i) the licensee's obligations as a market licensee under this Chapter; and
(b) the Minister gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.
(ii) any change in market operations or the conditions in which the market is operating; and
This subsection does not apply to the Minister imposing conditions when a licence is granted.
796A(4)
The Minister 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 the Minister 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) .
[ CCH Note: The next subsection is s 796A(6).]
796A(6)
ASIC must give the Minister any application and documents lodged under subsection (2) .
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