CORPORATIONS ACT 2001
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]
(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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