Section 908BC — Corporations Act 2001: When a licence may be granted

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.