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 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 6 - Regulation of licensed derivative trade repositories: licensing  

Subdivision C - The conditions on a licence  

SECTION 905F   THE CONDITIONS ON THE LICENCE  

905F(1)    
ASIC may, at any time:

(a) impose conditions, or additional conditions, on an Australian derivative trade repository licence; or

(b) vary or revoke conditions imposed on such a licence;

by giving written notice to the licensee. ASIC 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, ASIC must also have regard to the matters in section 905P .

905F(2)    
ASIC may do so:

(a) on its own initiative, subject to subsection (3); or

(b) if the licensee lodges an application with ASIC in the prescribed form, seeking the imposition of the conditions or additional conditions, or seeking the variation or revocation of conditions.

Note 1: See section 350 for how to lodge an application in the prescribed form.

Note 2: For fees in respect of lodging applications, see Part 9.10 .

905F(3)    
ASIC may only impose conditions or additional conditions, or vary or revoke conditions, on the licence on ASIC ' s own initiative if:

(a) ASIC considers it appropriate to do so having regard to:

(i) the licensee ' s obligations as a derivative trade repository licensee under this Part; and

(ii) any change in the operations of the derivative trade repository, or in the conditions in which the repository is operating; and

(b) ASIC 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 ASIC imposing conditions when a licence is granted.

905F(4)    
ASIC must ensure that each Australian derivative trade repository licence is subject to conditions that specify:

(a) the particular derivative trade repository that the licensee is authorised to operate; and

(b) the class or classes of derivatives in respect of which the repository can provide services for the purposes of this Part.

Note: The licence condition required by paragraph (b) does not apply to services that a licensed derivative trade repository provides otherwise than for the purposes of this Part.