Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteA market licensee must: (a) to the extent that it is reasonably practicable to do so, do all things necessary to ensure that the market is a fair, orderly and transparent market; and (b) comply with the conditions on the licence; and (c) have adequate arrangements (which may involve the appointment of an independent person or related entity) for operating the market, including arrangements for:
(i) handling conflicts between the commercial interests of the licensee and the need for the licensee to ensure that the market operates in the way mentioned in paragraph (a); and
(d) have sufficient resources (including financial, technological and human resources) to operate the market properly; and (e) if section 881A requires there to be compensation arrangements in relation to the market that are approved in accordance with Division 3 of Part 7.5 - ensure that there are such approved compensation arrangements in relation to the market; and (f) if the licensee is a foreign body corporate - be registered under Division 2 of Part 5B.2 ; and (g) if the licence was granted under subsection 795B(2) (overseas markets) - both:
(ii) monitoring and enforcing compliance with the market ' s operating rules; and
(i) remain authorised to operate a financial market in the foreign country in which the licensee ' s principal place of business is located; and
(h) if the licensee, or a holding company of the licensee, is a widely held market body - take all reasonable steps to ensure that an unacceptable control situation does not exist in relation to the body; and
(ii) get ASIC ' s approval under section 792H before that principal place of business becomes located in any other foreign country; and
[ CCH Note: S 792A(1) will be amended by No 87 of 2024, s 3, Sch 2 [ 122], by inserting para (ha) (effective 17 March 2025). Para (ha) will read:
(ha) take:
(i) all reasonable steps; and
(ii) if the licence was granted under subsection 795B(1) (domestic markets) - all additional steps (if any) prescribed by the regulations for the purposes of this subparagraph;to ensure that each core officer of the licensee is:
(iii) a fit and proper person to perform the functions of a core officer of the licensee; and
(iv) without limiting subparagraph (iii) - capable of performing those functions, including being competent to perform those functions; and]
[ CCH Note: S 792A(1) will be amended by No 87 of 2024, s 3, Sch 2 [ 123], by inserting para (j) (effective 17 March 2025). Para (j) will read:
; and (j) take all reasonable steps to ensure that no individual against whom an FMI banning order is made does any of the things mentioned in subsection 853N(1) in relation to the licensee in contravention of the order.]
792A(2)
A person contravenes this subsection if the person contravenes paragraph (1)(a) , (c) , (d) , (e) , (f) , (g) , (h) or (i) .
Note: This subsection is a civil penalty provision (see section 1317E ).
[ CCH Note: S 792A(2) will be amended by No 87 of 2024, s 3, Sch 2 [ 124], by substituting " a paragraph of subsection (1) other than paragraph (b) " for " paragraph (1)(a), (c), (d), (e), (f), (g), (h) or (i) " , (effective 17 March 2025).]
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