CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 2 - Regulation of CS facility licensees  

Subdivision B - The facility's operating rules and procedures  

SECTION 822C   ENFORCEMENT OF OPERATING RULES  

822C(1)   [ Enforcement of operating rules]  

If a person who is under an obligation to comply with or enforce any of a licensed CS facility's operating rules fails to meet that obligation, an application to the Court may be made by:

(a) ASIC; or

(b) the licensee; or

(c) the operator of a financial market with which the facility has arrangements to provide services for transactions effected through the market; or

(d) a person aggrieved by the failure.

822C(2)   [ Court order for compliance or enforcement]  

After giving an opportunity to be heard to the applicant and the person against whom the order is sought, the Court may make an order giving directions to:

(a) the person against whom the order is sought; or

(b) if that person is a body corporate - the directors of the body corporate;

about compliance with, or enforcement of, the operating rules.