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 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 2 - Requirement to be licensed  

SECTION 791C   EXEMPTIONS BY ASIC  

Exemption of a particular financial market or person

791C(1)    
ASIC may, in writing, exempt:

(a)    a particular financial market; or

(b)    a particular person;

from all or specified provisions of this Part.

Note: The provisions of this Part include regulations made for the purposes of this Part: see section 761H .

791C(2)    
The exemption may apply:

(a)    unconditionally or subject to specified conditions; and

(b)    for a specified period or indefinitely (the exemption duration ).

791C(3)    
ASIC may, at any time, in writing:

(a)    vary an exemption given under subsection (1) to:

(i) impose conditions, or additional conditions, on the exemption; or

(ii) vary or revoke any of the conditions on the exemption; or

(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or

(b)    revoke an exemption given under subsection (1) .

791C(4)    
However, ASIC may only take action under subsection (3) after giving notice, and an opportunity to make submissions on the proposed action, to:

(a)    if paragraph (1)(a) applies to the exemption - the operator of the financial market covered by the exemption; or

(b)    if paragraph (1)(b) applies to the exemption - the person covered by the exemption.

791C(5)    
An exemption given under subsection (1) , or a variation or revocation made under subsection (3) , is not a legislative instrument.

791C(6)    
If the ASIC gives an exemption under subsection (1) , or varies or revokes an exemption under subsection (3) , ASIC must publish notice of the exemption, variation or revocation on ASIC ' s website.

Exemption of classes of clearing and settlement facilities and persons

791C(7)    
ASIC may, by legislative instrument, exempt:

(a)    a class of financial markets; or

(b)    a class of persons;

from all or specified provisions of this Part.

Note: The provisions of this Part include regulations made for the purposes of this Part: see section 761H .

791C(8)    
The exemption may apply:

(a)    unconditionally or subject to specified conditions; and

(b)    for a specified period or indefinitely (the exemption duration ).

791C(9)    
ASIC may, at any time, by legislative instrument:

(a)    vary an exemption given under subsection (7) to:

(i) impose conditions, or additional conditions, on the exemption; or

(ii) vary or revoke any of the conditions on the exemption; or

(iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or

(b)    revoke an exemption given under subsection (7) .

791C(10)    
However, ASIC may only take action under subsection (9) after:

(a)    giving notice, and an opportunity to make submissions on the proposed action, to:

(i) if paragraph (7)(a) applies to the exemption - the operator of each financial market known by ASIC to be covered by the exemption; or

(ii) if paragraph (7)(b) applies to the exemption - each person known by ASIC to be covered by the exemption; and

(b)    both:

(i) a notice has been published on ASIC ' s website allowing a reasonable period within which the operator of each financial market covered by the exemption, or each person covered by the exemption, (as applicable) may make submissions on the proposed action; and

(ii) that period has ended.