Corporations Act 2001
(a) impose conditions, or additional conditions, on an Australian market licence; or
(b) vary or revoke conditions imposed on such a licence;
by giving written notice to the licensee. The Minister must also publish a notice in the Gazette with details of the action and when it took effect.
Note: As well as the requirements in this section, the Minister must also have regard to the matters in section 798A .796A(2) [ At own initiative or on application]
(a) on his or her own initiative, subject to subsection (3); or
(b) if the licensee lodges with ASIC an application for the Minister to do so, which is accompanied by the prescribed documents, if any.
Note: For fees in respect of lodging applications, see Part 9.10 .796A(3) [ Pre-requisites for imposition of conditions at own initiative]
(a) he or she considers it appropriate to do so having regard to:
(i) the licensee's obligations as a market licensee under this Chapter; and
(ii) any change in market operations or the conditions in which the market is operating; and
(b) the Minister gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.
This subsection does not apply to the Minister imposing conditions when a licence is granted.796A(4) [ Mandatory conditions]
(a) the particular market that the licensee is authorised to operate; and
(b) the class or classes of financial products that can be dealt with on the market; and
(c) if the Minister considers that the licensee should have clearing and settlement arrangements for transactions effected through the market - the type of clearing and settlement arrangements that are adequate.
[ CCH Note: The next subsection is s 796A(6).]
ASIC must give the Minister any application and documents lodged under subsection (2).