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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES    View history reference

Division 1 - Requirement to be licensed    View history reference

SECTION 820A  NEED FOR A LICENCE  

 View history reference

820A(1)  [Requirement to be licensed or exempt]  


A person must only operate, or hold out that the person operates, a clearing and settlement facility in this jurisdiction if:


(a) the person has an Australian CS facility licence that authorises the person to operate the facility in this jurisdiction; or


(b) the facility is exempt from the operation of this Part.

Note 1: A CS facility licensee may also provide financial services incidental to the operation of the facility: see paragraph 911A(2)(d).

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

820A(2)  [Strict liability]  


For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b).

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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