CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.2 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SERVICES REFORM ACT 2001  

Division 1 - Transitional provisions relating to the phasing-in of the new financial services regime  

Subdivision B - Treatment of existing markets  

SECTION 1420   TREATMENT OF STOCK MARKETS OF APPROVED SECURITIES ORGANISATIONS  

1420(1)   [ Application]  

This section applies to each stock market being operated immediately before the FSR commencement by a body corporate covered by an approval (the instrument of approval ) in force immediately before the FSR commencement under subsection 770(2) of the old Corporations Act, other than a stock market to which section 1413 applies.

1420(2)   [ No application]  

Subject to subsections (3) and (5), section 791A of the amended Corporations Act does not apply in relation to a stock market to which this section applies during the period (the transition period ) starting on the FSR commencement and ending on whichever of the following first occurs:


(a) the end of the period of 2 years starting on the FSR commencement;


(b) the operator of the market is granted a licence under section 795B of the amended Corporations Act covering the operation of the market;


(c) the Minister makes an exemption under section 791C of the amended Corporations Act covering the market;


(d) the instrument of approval is revoked.

1420(3)   [ Continued application of old legislation]  

Subject to subsections (4) and (5), Parts 7.2 and 7.9, and any associated provisions, (the relevant old legislation ) of the old Corporations Act continue to apply in relation to a stock market to which this section applies during the transition period for the market.

1420(4)   [ Variation of instrument of approval]  

The instrument of approval (including any conditions specified in the instrument) for a stock market to which this section applies cannot be varied during the transition period for the market so as to cover the market providing services that were not covered by the instrument as in force immediately before the FSR commencement. However it may be varied in other ways, or revoked, by the Minister in writing.

1420(5)   [ Regulations]  

The regulations may do all or any of the following:


(a) provide that some or all of the relevant old legislation does not apply in relation to a stock market to which this section applies during some or all of the transition period for the market;


(b) provide that some or all of the relevant old legislation applies in relation to a stock market to which this section applies with specified modifications during some or all of the transition period for the market;


(c) provide that specified provisions of the amended Corporations Act (including section 791A), and any associated provisions, apply in relation to a stock market to which this section applies during some or all of the transition period for the market with specified modifications.


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