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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 5 - Other matters    View history reference

SECTION 798C  MARKET LICENSEE OR RELATED BODY CORPORATE ETC. LISTING ON MARKET  

 View history reference

798C(1)  [Listed entities]  


Any of the following kinds of entity or scheme (the listed entity) may be included in a market's official list:


(a) the market licensee for the market;


(b) a related body corporate of the market licensee;


(c) a managed investment scheme whose responsible entity is a related body corporate of the market licensee;


(d) a trust whose trustee is a related body corporate of the market licensee.

Note: There are certain matters that must be included in the market's listing rules before such an entity or scheme is included in the official list (see subsection (4)).

798C(2)  [Trading of entity's financial products]  


In such a case, the financial products of the listed entity may be traded on the market, if either or both the listed entity and the market licensee have entered into such arrangements as ASIC requires:


(a) for dealing with possible conflicts of interest that might arise from the listed entity's financial products being able to be traded on the market; and


(b) for the purposes of ensuring the integrity of trading in the listed entity's financial products.

Note: For fees in respect of ASIC performing functions under such arrangements, see Part 9.10.

798C(3)  [Compliance]  


The listed entity, and the market licensee (if applicable), with whom ASIC has entered into arrangements for the purposes of subsection (2) must comply with the arrangements.

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

798C(4)  [Regulation of entity]  


Before, and at all times while, the listed entity is included in the market's official list, the market's listing rules must provide for ASIC, instead of the market licensee, to make decisions and to take action (or to require the market licensee to take action on ASIC's behalf) in relation to these matters, and matters related to these matters:


(a) the admission of the listed entity to the market's official list; and


(b) the removal of the listed entity from that list; and


(c) allowing, stopping or suspending the trading on the market of the listed entity's financial products.

Note: For fees in respect of ASIC performing this function, see Part 9.10.

798C(5)  [Powers and functions of ASIC]  


ASIC has the powers and functions that are provided for it in any listing rules or arrangements made for the purposes of this section.

798C(6)  [Prohibition on trading]  


The products of an entity or scheme referred to in subsection (1) must not be traded on the market licensee's market otherwise than as allowed by this section.

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

798C(7)  [No application to overseas markets licence]  


This section does not apply if the licence of the market licensee was granted under subsection 795B(2) (overseas markets). Instead, the law of the country in which the market licensee's principal place of business is located applies for all purposes connected with the inclusion of the listed entity in the market's official list.

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[239] contained the following savings provision (which was effective 28 June 2007):

Saving provision for item 101

The amendment made by item 101 of this Schedule does not affect the continuity of:

(a) any arrangement entered into for the purposes of section 798C of the Corporations Act 2001; or
(b) any market listing rules made for the purposes of section 798C of the Corporations Act 2001;

that are in force immediately before that item commences.

]

 



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