Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 820A — Need for a licence
(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…
Section 820CA — Exemptions by Reserve Bank
Exemption of a particular clearing and settlement facility or person (1) The Reserve Bank may, in writing, exempt: (a) a particular clearing and settlement facility; or (b) a particular person; from:…
Section 820B — Other prohibitions on holding out
A person must not hold out: (a) that the person has an Australian CS facility licence; or (b) that the operation of a clearing and settlement facility by the person in this jurisdiction is authorised…
Section 820C — Exemptions by ASIC
Exemption of particular clearing and settlement facility or person (1) ASIC may, in writing, exempt: (a) a particular clearing and settlement facility; or (b) a particular person; from all or…
Section 820D — When a clearing and settlement facility is operated in this jurisdiction
(1) A clearing and settlement facility is taken to be operated in this jurisdiction if it: (a) is operated by a body corporate that is registered under Chapter 2A; or (b) is covered by a declaration…
Section 820E — Criteria for declarations that clearing and settlement facilities have a material connection with this jurisdiction
(1) When ASIC is deciding under subsection 820D(2) whether to declare that a clearing and settlement facility has a material connection with this jurisdiction: (a) the facility must have a connection…
Section 820F — Relevant determinations
Reserve Bank determination (1) For the purposes of subparagraph 820E(2)(e)(iii), the Reserve Bank may, by legislative instrument, determine a payment system. (2) In making a determination under…
Section 820G — Ministerial consent to Reserve Bank or ASIC determination required
(1) The Reserve Bank must not make a determination under subsection 820F(1) unless the Minister has consented, in writing, to the making of the determination. (2) ASIC must not make a determination…
Section 820H — Revoking declarations that clearing and settlement facilities have a material connection with this jurisdiction
ASIC may, by written notice given to a body corporate, revoke a declaration made under subsection 820D(2) about a clearing and settlement facility operated by the body corporate if: (a) after having…
Section 821A — General obligations
(1) A CS facility licensee must: (aa) comply with standards in force under section 827D or 827DA; and (ab) do all other things necessary to reduce systemic risk to the extent that it is reasonably…
Section 821BA — Obligation to notify Reserve Bank of certain matters
A CS facility licensee must give written notice to the Reserve Bank, immediately after becoming aware that: (a) the licensee has failed to comply with one or more standards in force under section…
Section 821B — Obligation to notify ASIC of certain matters
(1) A CS facility licensee must give written notice to ASIC, as soon as practicable, if it becomes aware that it may no longer be able to meet, or has breached, an obligation under section 821A.…
Section 821C — Obligation to assist
ASIC (1) A CS facility licensee must give such assistance to ASIC, or a person authorised by ASIC, as ASIC or the authorised person reasonably requests in relation to the performance of ASIC’s…
Section 821D — Obligation to give access to the facility
(1) A CS facility licensee must give a person authorised by ASIC such reasonable access to the facility as the person requests for any of the purposes of this Chapter. Note: Failure to comply with…
Section 821E — Annual report
(1) A CS facility licensee must, within 3 months after the end of its financial year, give ASIC an annual report on the extent to which the licensee complied with its obligations as a CS facility…
Section 821F — Change of country by foreign licensee
(1) In the case of a licence granted under subsection 824B(2), ASIC may approve the location of the licensee’s principal place of business in a new country only if: (a) the new country is not…
Section 821H — Notification of recapitalisation or restructuring
(1) A body corporate that: (a) is a CS facility licensee; or (b) is a related body corporate of a CS facility licensee and is incorporated in Australia; must give written notice to the Reserve Bank…
Section 821J — Notice of any other material changes in circumstances
(1) A body corporate that: (a) is a CS facility licensee; or (b) is a related body corporate of a CS facility licensee and is incorporated in Australia; must give written notice to the Reserve Bank…
Section 821K — Notification of appointment of external administrator
(1) If a person is considering appointing an external administrator of a body corporate that: (a) is a CS facility licensee; or (b) is a related body corporate of a CS facility licensee and is…
Section 821L — Notification from liquidator and request for information about winding up
Notification of applications relating to winding up (1) A liquidator, or a provisional liquidator, of a body corporate that: (a) is a CS facility licensee; or (b) is a related body corporate of a CS…
Section 822A — Content of the operating rules and procedures
(1) The operating rules of a licensed CS facility must deal with the matters prescribed by regulations made for the purposes of this subsection, and the matters specified in the CS services rules for…
Section 822B — Legal effect of operating rules
(1) The operating rules of a licensed CS facility have effect as a contract under seal: (a) between the licensee and each issuer of financial products in respect of which the facility provides its…
Section 822C — Enforcement of operating rules
(1) If a person who is under an obligation to comply with or enforce any of a licensed CS facility’s operating rules fails to meet that obligation, an application to the Court may be made by one or…
Section 822D — Changing the operating rules
Licensed CS facilities other than subsection 824B(2) facilities (1) As soon as practicable after a change is made to the operating rules of a licensed CS facility, other than a facility licensed…
Section 822E — Disallowance of changes to operating rules
(1) This section does not apply in respect of an Australian CS facility licence granted under subsection 824B(2) (overseas clearing and settlement facilities). (2) Within 28 days after ASIC receives…
Section 823A — ASIC’s power to give directions
(1) If ASIC considers that a CS facility licensee is not complying or is not likely to comply with its obligations as a CS facility licensee under this Chapter (other than its obligations under…
Section 823BA — Reserve Bank’s power to require special report
(1) The Reserve Bank may give a CS facility licensee a written notice requiring the licensee to give the Reserve Bank a special report on specified matters. (2) The licensee must give the special…
Section 823CA — Reserve Bank assessment of compliance
(1) The Reserve Bank may do an assessment of: (a) how well a CS facility licensee is complying with standards determined under section 827D or 827DA; or (b) how well a related body corporate of a CS…
Section 823DA — Matters relating to ASIC directions—protecting dealings in financial products and ensuring fair and effective provision of services by CS facilities
Referrals to the Minister (1) If, at any time after a CS facility licensee receives a direction under subsection 823D(1), the licensee requests in writing that ASIC refer the direction to the…
Section 823B — ASIC’s power to require special report
(1) ASIC may give a CS facility licensee a written notice requiring the licensee to give ASIC a special report on specified matters. (2) The licensee must give the special report to ASIC within the…
Section 823BB — ASIC’s power to require expert report
Expert appointed by ASIC (1) ASIC may, by written notice given to a CS facility licensee and a person (the expert), appoint the expert to provide ASIC with an expert report on specified matters…
Section 823BC — Reserve Bank’s power to require expert report
Expert appointed by Reserve Bank (1) The Reserve Bank may, by written notice given to a CS facility licensee and a person (the expert), appoint the expert to provide the Reserve Bank with an expert…
Section 823C — ASIC assessment of licensee’s compliance
(1) ASIC may do an assessment of how well a CS facility licensee is complying with its obligations as a CS facility licensee under this Chapter (other than its obligation under paragraph…
Section 823D — ASIC’s directions power—protecting dealings in financial products and ensuring fair and effective provision of services by CS facilities
(1) ASIC may, by written notice given to a CS facility licensee, direct the licensee: (a) not to provide the licensee’s services in relation to any transactions that: (i) the licensee receives notice…
Section 823E — Reserve Bank’s directions power—directions to increase compliance or reduce systemic risk
(1) The Reserve Bank may, by written notice given to a CS facility licensee, direct the licensee to take: (a) specified action that the Reserve Bank reasonably believes will promote compliance by the…
Section 823F — Reserve Bank’s directions power—directions to preserve stability in the Australian financial system
(1) The Reserve Bank may, by written notice given to a CS facility licensee holding a licence granted under subsection 824B(1) (domestic clearing and settlement facilities), direct the licensee to:…
Section 823G — Reserve Bank’s directions power—directions to enhance resolvability
(1) The Reserve Bank may, by written notice given to: (a) a body corporate that is a CS facility licensee; or (b) a body corporate that: (i) is a related body corporate of a CS facility licensee; and…
Section 823H — Reserve Bank’s directions power—directions to give information to assist the Reserve Bank perform its functions
(1) The Reserve Bank may, by written notice given to a body corporate to which subsection (2) or (3) applies, direct the body corporate to give: (a) specified information; or (b) documents containing…
Section 823J — Matters relating to all Reserve Bank directions—order for body corporate to comply with direction
If a body corporate fails to comply with a direction given under this Subdivision to the body corporate, the Reserve Bank may apply to the Court for, and the Court may make, an order that the body…
Section 823K — Matters relating to all Reserve Bank directions—variation or revocation
(1) The Reserve Bank: (a) may, by written notice given to a body corporate: (i) vary a direction given under this Subdivision to the body corporate if, at the time of variation, the Reserve Bank…
Section 823L — Recapitalisation directions—matters relating to compliance
Giving members of the licensee notice of share issue etc. (1) As soon as practicable after a CS facility licensee issues shares, rights to acquire shares, or other capital instruments in compliance…
Section 823M — Recapitalisation directions—Reserve Bank must obtain expert’s report on the fair value of shares etc.
(1) Before giving a recapitalisation direction directing a CS facility licensee to issue one or more specified classes of: (a) shares in the licensee; or (b) rights to acquire shares in the licensee;…
Section 823N — Recapitalisation directions—determination of the fair value of shares or rights by an expert
Determining the fair value of shares (1) In determining the fair value for each share in a CS facility licensee for the purposes of paragraph 823M(2)(a), the expert must: (a) first, assess the value…
Section 823P — Recapitalisation directions—working out the fair value of other capital instruments
(1) Before giving a recapitalisation direction directing a CS facility licensee to issue one or more specified classes of capital instruments (see subparagraph 823F(1)(c)(iii)), the Reserve Bank must…
Section 823Q — Recapitalisation directions—contravening certain provisions does not affect the validity of the direction etc.
A contravention of section 823M, 823N or 823P does not affect the validity of a recapitalisation direction or anything done in compliance with the direction.
Section 823R — Recapitalisation directions—exceptions to Part IV of the Competition and Consumer Act 2010
For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the following things are specified and specifically authorised: (a) the acquisition of shares in a CS facility licensee…
Section 823S — Directions to preserve stability in the Australian financial system—relationship with other provisions
If a direction under subsection 823F(1) directs a CS facility licensee to change any of the facility’s operating rules or procedures (see subparagraph 823F(1)(a)(ii)), neither of the following…
Section 823T — All Reserve Bank directions—publishing details about directions
The Reserve Bank may publish details of, or relating to: (a) a direction given under Subdivision D; or (b) a variation or revocation of such a direction.
Section 823U — All Reserve Bank directions—injunctions
(1) The Reserve Bank has the same powers as ASIC to apply for an injunction under section 1324 in relation to a provision of this Part. (2) The Reserve Bank may so apply itself or jointly with ASIC.
Section 823V — Exercise of Reserve Bank powers to give directions under section 823F not grounds for denial of obligations
(1) This section applies if a body corporate is party to an agreement, whether the proper law of the agreement is: (a) Australian law; or (b) foreign law, including the law of part of a foreign…