CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 3 - Approved compensation arrangements  

Subdivision B - Effect of compensation rules forming part of Division 3 arrangements  

SECTION 883B   ENFORCEMENT OF COMPENSATION RULES  

883B(1)   [ Enforcement of compensation rules]  

If a person who is under an obligation to comply with or enforce any of the compensation rules forming part of Division 3 arrangements for a financial market fails to meet that obligation, an application to the Court may be made by:


(a) ASIC; or


(b) the operator of the market; or


(c) the operator of a clearing and settlement facility, if:


(i) there are clearing and settlement arrangements (as defined in section 790A ) for some or all transactions effected through the market; and

(ii) those arrangements are with the operator of the facility; or


(d) a person aggrieved by the failure.

883B(2)   [ Court orders]  

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 compensation rules.

883B(3)   [ Person aggrieved]  

For the purposes of this section, if the operator of the market fails to comply with or enforce provisions of the compensation rules, a person who is, under the rules, entitled to make a claim for compensation is (whether or not they have actually made a claim) taken to be a person aggrieved by the failure.

883B(4)   [ Person aggrieved]  

There may be other circumstances in which a person may be aggrieved by a failure for the purposes of this section.


 

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