Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 908BC

Granting licences--general

  (1)   ASIC may grant an applicant a licence (a benchmark administrator licence ) to administer a specified financial benchmark if ASIC is satisfied that:

  (a)   the application was made in accordance with section   908BD; and

  (b)   the applicant will comply with the obligations that will apply if the licence is granted; and

  (c)   no disqualified individual appears to be involved in the applicant.

The licence may be granted subject to conditions.

Note 1:   ASIC must also have regard to the matters in section   908BO in deciding whether to grant a licence.

Note 2:   A licence is required if the benchmark is a significant financial benchmark (see section   908BA). Licences are not required, but can still be granted, for other financial benchmarks.

Foreign bodies

  (2)   Despite subsection   (1), if the applicant is a foreign body corporate, ASIC must not grant the applicant a licence unless the applicant is registered under Division   2 of Part   5B.2.

Disqualified individuals

  (3)   Despite subsection   (1), ASIC must not grant the applicant a licence unless:

  (a)   42 days have passed since the application was made; and

  (b)   if ASIC gives a notice under subsection   853D(2) to the applicant within those 42 days, ASIC decides not to make a declaration under section   853C about any individual who is involved in the applicant.

Notice of decision

  (4)   ASIC must give the applicant written notice of:

  (a)   ASIC's decision whether to grant the applicant a licence; and

  (b)   if the licence is granted--any conditions to which the licence is subject.