Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A market licensee, or CS facility licensee, has qualified privilege in respect of actions (including the giving of information) done in connection with:
(a) the performance, or purported performance, of the licensee's obligations under this Act; or
(b) the exercise or performance, or purported exercise or performance, of the licensee's powers, functions or obligations under the operating rules of the market or facility concerned, if the licensee believes, on reasonable grounds, that the action is necessary:
(i) in the case of a market licensee--to ensure the market operates in a fair, orderly and transparent way; or
(ii) in the case of a CS facility licensee--to ensure the facility's services are provided in a fair and effective manner or to reduce systemic risk in the provision of those services.
(2) A market licensee, or CS facility licensee, has qualified privilege in respect of the giving of information:
(a) to the operator of a financial market (regardless of where the market is operated) for the purpose of assisting the operator to ensure that market operates in a fair, orderly and transparent way; or
(b) to the operator of a clearing and settlement facility (regardless of where the facility is operated) for the purpose of assisting the operator to ensure that facility's services are provided in a fair and effective manner or to reduce systemic risk.
(3) Despite subsections (1) and (2), a market licensee does not have qualified privilege in respect of the giving of information if:
(a) an entity included on the market's official list gave the information to the licensee under a provision of this Act or of the market's operating rules; and
(b) this Act, or those rules, expressly or impliedly authorised the entity to limit the purposes for which it gave the information to the licensee; and
(c) when giving the information to the licensee, the entity limited those purposes as so authorised; and
(d) the giving of the information by the licensee is not solely for one or more of the limited purposes.
(4) The protections given by this section apply to the giving of information whether or not the recipient of the information has an interest in the information.