Corporations Act 2001
[ CCH Note: Ch 7 will be amended by No 8 of 2022, s 3, Sch 2, by inserting the note, (effective 1 July 2022). The note will read:
ASIC may grant an applicant a licence (a benchmark administrator licence ) to administer a specified financial benchmark if ASIC is satisfied that:
(a) the application was made in accordance with section 908BD ; and
(b) the applicant will comply with the obligations that will apply if the licence is granted; and
(c) no disqualified individual appears to be involved in the applicant.
The licence may be granted subject to conditions.
Note 1: ASIC must also have regard to the matters in section 908BO in deciding whether to grant a licence.
Note 2: A licence is required if the benchmark is a significant financial benchmark (see section 908BA ). Licences are not required, but can still be granted, for other financial benchmarks.Foreign bodies 908BC(2)
Despite subsection (1), if the applicant is a foreign body corporate, ASIC must not grant the applicant a licence unless the applicant is registered under Division 2 of Part 5B.2 . Disqualified individuals 908BC(3)
Despite subsection (1), ASIC must not grant the applicant a licence unless:
(a) 42 days have passed since the application was made; and
(b) if ASIC gives a notice under subsection 853D(2) to the applicant within those 42 days, ASIC decides not to make a declaration under section 853C about any individual who is involved in the applicant. Notice of decision 908BC(4)
ASIC must give the applicant written notice of:
(a) ASIC ' s decision whether to grant the applicant a licence; and
(b) if the licence is granted - any conditions to which the licence is subject.