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 7.3 - 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)    
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)    
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.