CORPORATIONS ACT 2001 - SECT 792A General obligations

CORPORATIONS ACT 2001 - SECT 792A

  (1)   A market licensee must:

  (a)   to the extent that it is reasonably practicable to do so, do all things necessary to ensure that the market is a fair, orderly and transparent market; and

  (b)   comply with the conditions on the licence; and

  (c)   have adequate arrangements (which may involve the appointment of an independent person or related entity) for operating the market, including arrangements for:

  (i)   handling conflicts between the commercial interests of the licensee and the need for the licensee to ensure that the market operates in the way mentioned in paragraph   (a); and

  (ii)   monitoring and enforcing compliance with the market's operating rules; and

  (d)   have sufficient resources (including financial, technological and human resources) to operate the market properly; and

  (e)   if section   881A requires there to be compensation arrangements in relation to the market that are approved in accordance with Division   3 of Part   7.5--ensure that there are such approved compensation arrangements in relation to the market; and

  (f)   if the licensee is a foreign body corporate--be registered under Division   2 of Part   5B.2; and

  (g)   if the licence was granted under subsection   795B(2) (overseas markets)--both:

  (i)   remain authorised to operate a financial market in the foreign country in which the licensee's principal place of business is located; and

  (ii)   get the Minister's approval under section   792H before that principal place of business becomes located in any other foreign country; and

  (h)   if the licensee, or a holding company of the licensee, is a widely held market body--take all reasonable steps to ensure that an unacceptable control situation () does not exist in relation to the body; and

  (i)   take all reasonable steps to ensure that no disqualified individual becomes, or remains, involved in the licensee (see Division   2 of Part   7.4).

  (2)   A person contravenes this subsection if the person contravenes paragraph   (1)(a), (c), (d), (e), (f), (g), (h) or (i).

Note:   This subsection is a civil penalty provision (see section   1317E).