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 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 5 - Other matters  

SECTION 798A   MATTERS TO BE TAKEN INTO ACCOUNT BY THE MINISTER  

798A(1)   [ Ministerial criteria for decision-making]  

The Minister must have regard to certain matters in deciding whether to:

(a) grant an applicant an Australian market licence under section 795B ; or

(b) impose, vary or revoke conditions on such a licence under section 796A ; or

(c) suspend or cancel such a licence under section 797C ; or

(d) disallow a change to the operating rules of a licensed market under section 793E .

798A(2)   [ Relevant criteria]  

These are the matters the Minister must have regard to:

(a) the structure, or proposed structure, of the market;

(b) the nature of the activities conducted, or proposed to be conducted, on the market;

(c) the size, or proposed size, of the market;

(d) the nature of the financial products dealt with, or proposed to be dealt with, on the market;

(e) the participants, or proposed participants, in the market and:

(i) whether those participants, in effecting transactions through the market, are, or will be, providing financial services to other persons; and

(ii) whether those participants acquire or dispose, or will acquire or dispose, of financial products through the market as retail clients or as wholesale clients; and

(iii) whether those participants are also, or will also be, participants in any other financial markets;

(f) the technology used, or proposed to be used, in the operation of the market;

(g) whether it would be in the public interest to take the action referred to in subsection (1);

(h) any relevant advice received from ASIC.

The Minister may also have regard to any other matter that the Minister considers relevant.

798A(3)   [ Additional criteria]  

If the Minister is deciding whether to take the action referred to in paragraph (1)(a), (b) or (c) in respect of an Australian market licence granted under subsection 795B(2) (overseas markets), the Minister must also have regard to:

(a) the criteria that the licensee or applicant satisfied to obtain an authorisation to operate the same market in the foreign country in which their principal place of business is located; and

(b) the obligations they must continue to satisfy to keep the authorisation; and

(c) the level of supervision to which the operation of the market in that country is subject; and

(d) whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision.