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 noteThis Division applies in relation to widely held market bodies.
Meaning of widely held market body
850A(2)
A body corporate is a widely held market body if the body: (a) is:
(i) a market licensee or the holding company of such a licensee; or
(b) is declared under subsection (3) .
(ii) a CS facility licensee or the holding company of such a licensee; and
850A(3)
ASIC may, by legislative instrument, declare a specified body corporate for the purposes of paragraph (2)(b) if, having regard to the matters in subsection (4) , ASIC is satisfied that: (a) if the body is a market licensee or the holding company of such a licensee - the financial market to which the licence relates is of national significance; or (b) if the body is a CS facility licensee or the holding company of such a licensee - the clearing and settlement facility to which the licence relates is of national significance.
850A(4)
The matters are: (a) the significance to the national economy of the operation of the market or the facility; and (b) the size and importance of the market or the facility:
(i) in the context of the Australian financial products and services industry; and
(c) the degree of, or potential for, competition within the market or the facility; and (d) any other matters that ASIC considers relevant.
(ii) relative to other financial markets on which similar financial products are dealt, or other clearing and settlement facilities providing similar services, in Australia; and
850A(5)
ASIC must not make a declaration under subsection (3) unless: (a) the Minister has approved it in writing; and (b) if the proposed declaration relates to a body corporate mentioned in subparagraph (2)(a)(ii) - ASIC has consulted the Reserve Bank about it.
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