Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if any of the following is a participant (the participant ) in a market:
(a) the market licensee;
(b) a related body corporate of the market licensee;
(c) a partnership if a partner in the partnership is a related entity of the market licensee;
(d) an entity if:
(i) the entity conducts, or participates in, a business that is in competition with a business conducted by the market licensee, or by a related body corporate of the market licensee; and
(ii) the entity requests that ASIC make decisions and take action in relation to the matters referred to in subsection (2).
(2) Before, and at all times while, the participant is participating in the market, the market's operating rules must provide for ASIC, instead of the market licensee, to make decisions and to take action (or to require the market licensee to take action on ASIC's behalf) in relation to these matters, and matters related to these matters:
(a) the admission of the participant to the market; and
(b) the expulsion and suspension of the participant from the market; and
(c) the disciplining of the participant; and
(d) the participant's compliance with the operating rules or this Act, including:
(i) the method of determining whether the participant has complied with those rules or this Act; and
(ii) any action (including the imposition of a fine or penalty) to be taken in respect of contraventions of those rules or this Act.
Note: For fees in respect of ASIC performing this function, see Part 9.10.
(3) ASIC has the powers and functions that are provided for it in any operating rules made for the purposes of this section.
(4) A participant referred to in subsection (1) must not participate in the market licensee's market otherwise than as allowed by this section.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(5) This section does not apply if the licence of the market licensee was granted under subsection 795B(2) (overseas markets). Instead, the law of the country in which the market licensee's principal place of business is located applies for all purposes connected with the participation of the participant in the market.
(6) To avoid doubt, subsection (1) does not authorise a market licensee to participate in its own market.