Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 ASIC'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).