Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Division applies in relation to widely held market bodies.
Meaning of widely held market body
(2) A body corporate is a widely held market body if the body:
(a) is:
(i) a market licensee or the holding company of such a licensee; or
(ii) a CS facility licensee or the holding company of such a licensee; and
(b) is declared under subsection (3).
(3) ASIC may, by legislative instrument, declare a specified body corporate for the purposes of paragraph (2)(b) if, having regard to the matters in subsection (4), ASIC is satisfied that:
(a) if the body is a market licensee or the holding company of such a licensee--the financial market to which the licence relates is of national significance; or
(b) if the body is a CS facility licensee or the holding company of such a licensee--the clearing and settlement facility to which the licence relates is of national significance.
(4) The matters are:
(a) the significance to the national economy of the operation of the market or the facility; and
(b) the size and importance of the market or the facility:
(i) in the context of the Australian financial products and services industry; and
(ii) relative to other financial markets on which similar financial products are dealt, or other clearing and settlement facilities providing similar services, in Australia; and
(c) the degree of, or potential for, competition within the market or the facility; and
(d) any other matters that ASIC considers relevant.
(5) ASIC must not make a declaration under subsection (3) unless:
(a) the Minister has approved it in writing; and
(b) if the proposed declaration relates to a body corporate mentioned in subparagraph (2)(a)(ii)--ASIC has consulted the Reserve Bank about it.