Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 1 - Requirement to be licensed  

SECTION 820A   NEED FOR A LICENCE  

820A(1)    
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)    
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 .

820A(3)    

A person contravenes this subsection if the person contravenes subsection (1).

Note: This subsection is a civil penalty provision (see section 1317E ).