A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS    View history reference

Division 3 - Approved compensation arrangements    View history reference

Subdivision B - Effect of compensation rules forming part of Division 3 arrangements    View history reference

SECTION 883B  ENFORCEMENT OF COMPENSATION RULES  

 View history reference

883B(1)  [Enforcement of compensation rules]  


If a person who is under an obligation to comply with or enforce any of the compensation rules forming part of Division 3 arrangements for a financial market fails to meet that obligation, an application to the Court may be made by:


(a) ASIC; or


(b) the operator of the market; or


(c) the operator of a clearing and settlement facility, if:


(i) there are clearing and settlement arrangements (as defined in section 790A) for some or all transactions effected through the market; and

(ii) those arrangements are with the operator of the facility; or


(d) a person aggrieved by the failure.

883B(2)  [Court orders]  


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 compensation rules.

883B(3)  [Person aggrieved]  


For the purposes of this section, if the operator of the market fails to comply with or enforce provisions of the compensation rules, a person who is, under the rules, entitled to make a claim for compensation is (whether or not they have actually made a claim) taken to be a person aggrieved by the failure.

883B(4)  [Person aggrieved]  


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


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page