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 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision B - Granting licences  

SECTION 908BC   WHEN A LICENCE MAY BE GRANTED  

Granting licences - general

908BC(1)    
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.