Section 850A — Corporations Act 2001: Scope of Division

(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.