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)    
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

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

(b)    the Minister 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 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) .

796A(6)    
ASIC must give the Minister any application and documents lodged under subsection (2) .