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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 4 - The Australian market licence    View history reference

Subdivision B - The conditions on the licence    View history reference

SECTION 796A  THE CONDITIONS ON THE LICENCE  

 View history reference

796A(1)  [Ministerial power to impose licence conditions]  


The Minister may, at any time:


(a) impose conditions, or additional conditions, on an Australian market licence; or


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

by giving written notice to the licensee. The Minister 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, the Minister must also have regard to the matters in section 798A.

796A(2)  [At own initiative or on application]  


The Minister may do so:


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


(b) if the licensee lodges with ASIC an application for the Minister to do so, which is accompanied by the prescribed documents, if any.

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

796A(3)  [Pre-requisites for imposition of conditions at own initiative]  


The Minister may only impose conditions or additional conditions, or vary the conditions, on the licence on his or her own initiative if:


(a) he or she considers it appropriate to do so having regard to:


(i) the licensee's obligations as a market licensee under this Chapter; and

(ii) any change in market operations or the conditions in which the market is operating; and


(b) the Minister 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 the Minister imposing conditions when a licence is granted.

796A(4)  [Mandatory conditions]  


The Minister must ensure that each Australian market licence is subject to conditions that specify:


(a) the particular market that the licensee is authorised to operate; and


(b) the class or classes of financial products that can be dealt with on the market; and


(c) if the Minister considers that the licensee should have clearing and settlement arrangements for transactions effected through the market - the type of clearing and settlement arrangements that are adequate.

Note: If compensation arrangements in relation to the market are approved under Division 3 of Part 7.5, there must also be conditions as required by subsection 882A(4) or paragraph 882B(4)(b).

[CCH Note: The next subsection is s 796A(6).]

796A(6)  [Application and documents to Minister]  


ASIC must give the Minister any application and documents lodged under subsection (2).


 



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