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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 B - The market's operating rules and procedures    View history reference

SECTION 793C  ENFORCEMENT OF OPERATING RULES  

 View history reference

793C(1)  [Enforcement of operating rules]  


If a person who is under an obligation to comply with or enforce any of a licensed market's operating rules fails to meet that obligation, an application to the Court may be made by:


(a) ASIC; or


(b) the licensee; or


(c) the operator of a clearing and settlement facility with which the licensee has clearing and settlement arrangements; or


(d) a person aggrieved by the failure.

793C(2)  [Court order for compliance or enforcement]  


After giving an opportunity to be heard to the applicant and the person against whom the order is sought, the Court may make an order giving directions to:


(a) the person against whom the order is sought; or


(b) if that person is a body corporate - the directors of the body corporate;

about compliance with, or enforcement of, the operating rules.

793C(3)  [Deemed obligation for body corporate to comply with operating rules]  


For the purposes of this section, a body corporate that is, with its acquiescence, included in the official list of a licensed market, or an associate of such a body corporate, is taken to be under an obligation to comply with the operating rules of that market to the extent to which those rules purport to apply to the body corporate or associate.

793C(4)  [Deemed obligation for responsible entity of scheme to comply with operating rules]  


For the purposes of this section, if a disclosing entity that is an undertaking to which interests in a registered scheme relate is, with the responsible entity's acquiescence, included in the official list of a licensed market, the responsible entity, or an associate of the responsible entity, is taken to be under an obligation to comply with the operating rules of that market to the extent to which those rules purport to apply to the responsible entity or associate.

793C(5)  [Person aggrieved]  


For the purposes of this section, if a body corporate fails to comply with or enforce provisions of the operating rules of a licensed market, a person who holds financial products of the body corporate that are able to be traded on the market is taken to be a person aggrieved by the failure.

793C(6)  [Other circumstances for person aggrieved]  


There may be other circumstances in which a person may be aggrieved by a failure for the purposes of this section.


 



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