Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.2
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LICENSING OF FINANCIAL MARKETS
Division 5
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Other matters
SECTION 798A
MATTERS TO BE TAKEN INTO ACCOUNT BY ASIC
798A(1)
ASIC must have regard to certain matters in deciding whether to: (a) grant an applicant an Australian market licence under section 795B ; or (b) impose, vary or revoke conditions on such a licence under section 796A ; or (c) suspend or cancel such a licence under section 797C ; or (d) disallow a change to the operating rules of a licensed market under section 793E .
798A(2)
These are the matters ASIC must have regard to: (a) the structure, or proposed structure, of the market; (b) the nature of the activities conducted, or proposed to be conducted, on the market; (c) the size, or proposed size, of the market; (d) the nature of the financial products dealt with, or proposed to be dealt with, on the market; (e) the participants, or proposed participants, in the market and:
(h) (Repealed)
798A(3)
If ASIC is deciding whether to take the action referred to in paragraph (1)(a) , (b) or (c) in respect of an Australian market licence granted under subsection 795B(2) (overseas markets), ASIC must also have regard to: (a) the criteria that the licensee or applicant satisfied to obtain an authorisation to operate the same market in the foreign country in which their principal place of business is located; and (b) the obligations they must continue to satisfy to keep the authorisation; and (c) the level of supervision to which the operation of the market in that country is subject; and (d) whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision.
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteASIC must have regard to certain matters in deciding whether to: (a) grant an applicant an Australian market licence under section 795B ; or (b) impose, vary or revoke conditions on such a licence under section 796A ; or (c) suspend or cancel such a licence under section 797C ; or (d) disallow a change to the operating rules of a licensed market under section 793E .
798A(2)
These are the matters ASIC must have regard to: (a) the structure, or proposed structure, of the market; (b) the nature of the activities conducted, or proposed to be conducted, on the market; (c) the size, or proposed size, of the market; (d) the nature of the financial products dealt with, or proposed to be dealt with, on the market; (e) the participants, or proposed participants, in the market and:
(i) whether those participants, in effecting transactions through the market, are, or will be, providing financial services to other persons; and
(ii) whether those participants acquire or dispose, or will acquire or dispose, of financial products through the market as retail clients or as wholesale clients; and
(f) the technology used, or proposed to be used, in the operation of the market; (g) whether it would be in the public interest to take the action referred to in subsection (1) ;
(iii) whether those participants are also, or will also be, participants in any other financial markets;
(h) (Repealed)
ASIC may also have regard to any other matter that ASIC considers relevant.
798A(3)
If ASIC is deciding whether to take the action referred to in paragraph (1)(a) , (b) or (c) in respect of an Australian market licence granted under subsection 795B(2) (overseas markets), ASIC must also have regard to: (a) the criteria that the licensee or applicant satisfied to obtain an authorisation to operate the same market in the foreign country in which their principal place of business is located; and (b) the obligations they must continue to satisfy to keep the authorisation; and (c) the level of supervision to which the operation of the market in that country is subject; and (d) whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision.