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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.2 - LICENSING OF FINANCIAL MARKETS    View history reference

Division 3 - Regulation of market licensees    View history reference

Subdivision A - Licensee's obligations    View history reference

SECTION 792B  OBLIGATION TO NOTIFY ASIC OF CERTAIN MATTERS  

 View history reference

792B(1)  [Notice to ASIC of breach of obligations]  


A market licensee must give written notice to ASIC, as soon as practicable, if it becomes aware that it may no longer be able to meet, or has breached, an obligation under section 792A. If ASIC considers it appropriate to do so, ASIC may give the Minister advice about the matter.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

792B(2)  [Notice to ASIC of additional matters]  


A market licensee must give written notice to ASIC, as soon as practicable, as required by the following paragraphs:


(a) if the licensee provides a new class of financial service incidental to the operation of the market, the licensee must give notice that includes details of the new class;


(b) if the licensee takes any kind of disciplinary action against a participant in the market, the licensee must give notice that includes:


(i) the participant's name; and

(ii) the reason for and nature of the action taken;


(c) if the licensee has reason to suspect that a person has committed, is committing, or is about to commit a significant contravention of the market's operating rules or this Act, the licensee must give notice that includes:


(i) the person's name; and

(ii) details of the contravention or impending contravention; and

(iii) the licensee's reasons for that belief.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

792B(3)  [Written report to ASIC]  


If a market licensee becomes aware of:


(a) a matter that the licensee considers has adversely affected, is adversely affecting, or may adversely affect the ability of a participant in the market, who is a financial services licensee, to meet the participant's obligations as a financial services licensee; or


(b) a matter, concerning a participant in the market who is a financial services licensee, that is of a kind prescribed by regulations made for the purposes of this paragraph;

the market licensee must give a written report to ASIC on the matter and send a copy of it to the participant.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

792B(4)  [Notice to ASIC where change in overseas market]  


A market licensee whose licence was granted under subsection 795B(2) (overseas markets) must, as soon as practicable, give written notice to ASIC if:


(a) the licensee ceases to be authorised to operate a financial market in the foreign country in which the licensee's principal place of business is located; or


(b) there is a significant change to the regulatory regime applying in relation to the market in the foreign country in which the licensee's principal place of business is located.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

792B(5)  [Notice to ASIC where change in holding or voting power]  


As soon as practicable after:


(a) a person becomes or ceases to be a director, secretary or senior manager of a market licensee or of a holding company of a market licensee (including when a person changes from one of those positions to another); or
 View history reference


(b) a market licensee becomes aware that a person has come to have, or has ceased to have, more than 15% of the voting power in the licensee or in a holding company of the licensee;

the licensee must give written notice of this to ASIC. The notice must include such other information about the matter as is prescribed by regulations made for the purposes of this subsection.

Note 1: To the extent that the licensee is required to give the notice and information under any other provision of this Act, the licensee may comply with this subsection by doing so. It need not provide the same information twice.

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).


 



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