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 F - Other obligations of licensees  

SECTION 908BP  

908BP   GENERAL OBLIGATIONS  

A benchmark administrator licensee must:

(a)    comply with the conditions on the licence; and

(b)    if the licensee is a foreign body corporate - be registered under Division 2 of Part 5B.2 ; and

(ba)    

take:

(i) all reasonable steps; and

(ii) if the licensee is not a foreign body corporate - all additional steps (if any) prescribed by the regulations for the purposes of this subparagraph;

to ensure that each core officer of the licensee is:

(iii) a fit and proper person to perform the functions of a core officer of the licensee; and

(iv) without limiting subparagraph (iii) - capable of performing those functions, including being competent to perform those functions; and

(c)    take all reasonable steps to ensure that no disqualified individual becomes, or remains, involved in the administration of the financial benchmark specified in the licence; and

(d)    

take all reasonable steps to ensure that no individual against whom an FMI banning order is made does any of the things mentioned in subsection 853N(1) in relation to the licensee in contravention of the order.

Note: The licensee also needs to comply with the rules made under Division 3 (see section 908CF ).