CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 3 - Approved compensation arrangements  

Subdivision C - Changing Division 3 arrangements  

SECTION 884B   CHANGING DIVISION 3 ARRANGEMENTS - MATTERS REQUIRED TO BE DEALT WITH IN THE COMPENSATION RULES  

884B(1)   [ Change to compensation rules]  

If the proposed change is to a matter required by section 885B to be dealt with in the compensation rules, the change may only be made by changing the rules.

884B(2)   [ Notice to ASIC]  

As soon as practicable after the change is made, the operator must lodge with ASIC written notice of the change.

884B(3)   [ Contents of notice]  

The notice must:


(a) set out the text of the change; and


(b) specify the date on which the change was made; and


(c) contain an explanation of the purpose of the change.

884B(4)   [ Effect of failure to lodge]  

If no notice is lodged with ASIC within 21 days after the change is made, the change ceases to have effect.

884B(5)   [ ASIC notice to Minister]  

As soon as practicable after receiving a notice under subsection (2), ASIC must send a copy of the notice to the Minister.

884B(6)   [ Ministerial power of disallowance]  

Within 28 days after receiving the copy of the notice, the Minister may disallow all or a specified part of the change to the compensation rules.

884B(7)   [ Limit on discretion]  

The Minister must not disallow all or part of the change unless the Minister considers that, because of the change, or that part of the change, the compensation arrangements are not adequate.

884B(8)   [ Notice of disallowance]  

As soon as practicable after all or part of a change is disallowed, ASIC must give notice of the disallowance to the operator of the market concerned. The change ceases to have effect, to the extent of the disallowance, when the operator receives the notice.


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