Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the following markets:
(a) stock markets being operated immediately before the FSR commencement:
(i) that were, at that time, covered by a declaration (the declaration of exemption ) in force immediately before the FSR commencement under subsection 771(1) of the old Corporations Act; but
(ii) that did not have a single person who could be identified as the operator of the market;
(b) futures markets being operated immediately before the FSR commencement:
(i) that were, at that time, covered by a declaration (the declaration of exemption ) in force immediately before the FSR commencement under subsection 1127(1) of the old Corporations Act; but
(ii) that did not have a single person who could be identified as the operator of the market.
(2) In this section:
"exempted participant" , in relation to a market to which this section applies, means a person:
(a) who is covered by the declaration of exemption (otherwise than in their capacity as a representative of another person who is covered by the declaration); and
(b) whose activities connected with the market after the FSR commencement are activities that, but for this section, would be required by section 911A of the amended Corporations Act to be covered by an Australian financial services licence.
(3) Subject to subsections (4) and (5), Part 7.2 (in the case of a stock market), or Part 8.2 (in the case of a futures market), and any associated provisions, (the relevant old legislation ) of the old Corporations Act continue to apply in relation to an exempted participant and a stock market or futures market to which this section applies during any period during which section 1431 provides that the relevant new legislation (within the meaning of subsection 1431(1)) does not apply in relation to the exempted participant's activities connected with the market.
(4) The declaration of exemption (including any conditions specified in the declaration) for a stock market or futures market to which this section applies cannot:
(a) be varied during the transition period for an exempted participant and the market so as to cover the market providing services that were not covered by the declaration as in force immediately before the FSR commencement; or
(b) be varied after the FSR commencement so as to cover a person or persons it did not cover immediately before the commencement.
However, it may be varied in other ways, or revoked, by the Minister in writing.
(5) The regulations may do either or both of the following:
(a) provide that some or all of the relevant old legislation does not apply in relation to an exempted participant and a market to which this section applies during some or all of the transition period for the exempted participant and the market;
(b) provide that some or all of the relevant old legislation applies in relation to an exempted participant and a market to which this section applies with specified modifications during some or all of the transition period for the exempted participant and the market.