Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
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.
For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b).
A person contravenes this subsection if the person contravenes subsection (1).
PART 7.3
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LICENSING OF CLEARING AND SETTLEMENT FACILITIES
Division 1
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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 ).
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