Corporations Act 2001
If the operator of a licensed market wants to have compensation arrangements for the market approved after the licence has been granted, the operator must apply for approval in accordance with this section.882B(2) [ Proposed compensation arrangements]
(a) contain the information, in relation to the proposed compensation arrangements, required by regulations made for the purposes of this paragraph and be accompanied by a copy of the proposed compensation rules; and
(b) be made to the Minister by lodging the application with ASIC.
Note: For fees in respect of lodging applications, see Part 9.10 .882B(3) [ Rejection of application]
If the Minister does not consider that the proposed compensation arrangements are adequate, the application for approval must be rejected.882B(4) [ Power to approve compensation arrangements]
(a) approve the compensation arrangements in writing; and
(b) vary the conditions of the operator's licence so as to:
(i) deal with the minimum amount of cover required in relation to the compensation arrangements in such manner as the Minister thinks appropriate; and
882B(5) [ Variation of licence conditions]
(ii) identify the source of funds available to cover claims, on the basis of which the Minister approves the arrangements (see section 885H ).
In varying licence conditions as mentioned in paragraph (4)(b), the Minister must proceed under section 796A as though the licensee had applied for the variation to be made.