Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person must only operate, or hold out that the person operates, a clearing and settlement facility in this jurisdiction if:
(a) the person has an Australian CS facility licence that authorises the person to operate the facility in this jurisdiction; or
(b) the facility is exempt from the operation of this Part; or
(c) the person is exempt from the operation of this Part.
Note 1: A CS facility licensee may also provide financial services incidental to the operation of the facility: see paragraph 911A(2)(d).
Note 2: Failure to comply with this subsection is an offence: see subsection 1311(1).
(2) For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b).
Note: For strict liability , see section 6.1 of the Criminal Code .
(3) A person contravenes this subsection if the person contravenes subsection (1).
Note: This subsection is a civil penalty provision (see section 1317E).