Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
Exemption of particular clearing and settlement facility or person
820C(1)
ASIC may, in writing, exempt: (a) a particular clearing and settlement facility; or (b) a particular person;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations and other instruments made for the purposes of this Part: see section 761H .
820C(2)
An exemption given under subsection (1) may apply: (a) unconditionally or subject to specified conditions; and (b) for a specified period or indefinitely (the exemption duration ).
820C(3)
ASIC may, at any time, in writing: (a) vary an exemption given under subsection (1) to:
(i) impose conditions, or additional conditions, on the exemption; or
(ii) vary or revoke any of the conditions on the exemption; or
(b) revoke an exemption given under subsection (1) .
(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
820C(4)
However, ASIC may only take action under subsection (3) after giving notice, and an opportunity to make submissions on the proposed action, to: (a) if paragraph (1)(a) applies to the exemption - the operator of the clearing and settlement facility covered by the exemption; or (b) if paragraph (1)(b) applies to the exemption - the person covered by the exemption.
820C(5)
An exemption given under subsection (1) , or a variation or revocation made under subsection (3) , is not a legislative instrument.
820C(6)
If ASIC gives an exemption under subsection (1) , or varies or revokes an exemption under subsection (3) , ASIC must publish notice of the exemption, variation or revocation on ASIC ' s website.
Exemption of classes of clearing and settlement facilities and persons
820C(7)
ASIC may, by legislative instrument, exempt: (a) a class of clearing and settlement facilities; or (b) a class of persons;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations and other instruments made for the purposes of this Part: see section 761H .
820C(8)
An exemption given under subsection (7) may apply: (a) unconditionally or subject to specified conditions; and (b) for a specified period or indefinitely (the exemption duration ).
820C(9)
ASIC may, at any time, by legislative instrument: (a) vary an exemption given under subsection (7) to:
(i) impose conditions, or additional conditions, on the exemption; or
(ii) vary or revoke any of the conditions on the exemption; or
(b) revoke an exemption given under subsection (7) .
(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
820C(10)
However, ASIC may only take action under subsection (9) after: (a) giving notice, and an opportunity to make submissions on the proposed action, to:
(i) if paragraph (7)(a) applies - the operator of each clearing and settlement facility known by ASIC to be covered by the exemption; or
(b) both:
(ii) if paragraph (7)(b) applies - each person known by ASIC to be covered by the exemption; and
(i) a notice has been published on ASIC ' s website allowing a reasonable period within which the operator of each clearing and settlement facility covered by the exemption, or each person covered by the exemption, (as applicable) may make submissions on the proposed action; and
(ii) that period has ended.
Provisions of this Part to which this section does not apply
820C(11)
Subsection (1) or (7) does not apply to the following provisions of this Part: (a) paragraph 821A(1)(aa) or (ab) ; (b) a standard determined under section 827D or 827DA .
Note: For exemptions from paragraph 821A(1)(aa) or (ab) or a standard determined under section 827D or 827DA , see section 820CA .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.