Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 823W — All ASIC and Reserve Bank directions etc. under this Part—failure by officers to take reasonable steps to ensure compliance
(1) An officer of a CS facility licensee contravenes this subsection if: (a) the officer fails to take reasonable steps to ensure that the licensee complies with a direction given under this Part by…
Section 823X — All ASIC and Reserve Bank directions under this Part—protection from liability for compliance in good faith
(1) An action or other proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if: (a) the person does…
Section 824A — How to apply for a licence
A body corporate may apply for an Australian CS facility licence by lodging with ASIC in a prescribed form an application that: (a) includes the information required by regulations made for the…
Section 824B — When a licence may be granted
General (1) ASIC may grant an applicant an Australian CS facility licence if ASIC is satisfied that: (a) the application was made in accordance with section 824A; and (b) the applicant will comply…
Section 824C — Publication of notice of licence grant
If ASIC grants an Australian CS facility licence, ASIC must publish a notice on ASIC’s website that includes: (a) the name of the licensee; and (b) when the licence was granted; and (c) the…
Section 824D — More than one licence in the same document
If ASIC grants a person 2 or more of the following: (a) an Australian CS facility licence; (b) an Australian market licence; they may be included in the same document.
Section 824E — More than one CS facility covered by the same licence
(1) The same Australian CS facility licence may authorise the licensee to operate 2 or more clearing and settlement facilities. (2) In that case, a reference to the clearing and settlement facility…
Section 825A — The conditions on the licence
(1) ASIC may, at any time: (a) impose conditions, or additional conditions, on an Australian CS facility licence; or (b) vary or revoke conditions imposed on such a licence; by giving written notice…
Section 826A — Varying licences
(1) ASIC may vary an Australian CS facility licence to take account of a change in the licensee’s name if the licensee lodges with ASIC in a prescribed form an application for the variation,…
Section 826B — Immediate suspension or cancellation
ASIC may, by giving written notice to a CS facility licensee, suspend the licence for a specified period, or cancel it, if: (a) the licensee ceases to carry on the business of operating the facility…
Section 826C — Suspension or cancellation following hearing and report
(1) If ASIC considers that a CS facility licensee has breached one or more of its obligations as a CS facility licensee under this Chapter, ASIC may give the licensee a written notice that requires…
Section 826D — Effect of suspension
(1) A person whose Australian CS facility licence is suspended is taken not to hold that licence while it is suspended. (2) However, ASIC may specify in the written notice to the licensee that…
Section 826E — Variation or revocation of suspension
ASIC may at any time vary or revoke a suspension of an Australian CS facility licence by giving written notice to the licensee.
Section 826F — Publication of notice of licence suspension or cancellation
(1) If ASIC: (a) suspends, or varies or revokes a suspension of, an Australian CS facility licence; or (b) cancels an Australian CS facility licence; ASIC must publish a notice on ASIC’s website to…
Section 826G — Suspension and cancellation only in accordance with this Subdivision
An Australian CS facility licence cannot be varied, suspended or cancelled otherwise than in accordance with this Subdivision. Note: The conditions on the licence can be varied under section 825A.
Section 826H — CS facility rules
ASIC may, by legislative instrument, make rules (the CS facility rules) for the purposes of promoting the provision of fair and effective services by licensed CS facilities.
Section 826J — Complying with CS facility rules
(1) The following entities must comply with the CS facility rules: (a) operators of licensed CS facilities; (b) participants in licensed CS facilities; (c) entities prescribed by the regulations for…
Section 826K — Inconsistency with other instruments
Inconsistency with other rules (1) If there is an inconsistency between the CS facility rules and any of the following rules: (a) the CS services rules; (b) the derivative transaction rules; (c) the…
Section 826L — Alternatives to civil proceedings
(1) The regulations may provide for a person who is alleged to have contravened subsection 826J(1) (complying with CS facility rules) to be not liable to civil proceedings in relation to that alleged…
Section 826M — ASIC to consult before making rules
(1) ASIC must not make a CS facility rule unless ASIC: (a) has consulted the public about the proposed rule; and (b) has also consulted the following about the proposed rule: (i) the Reserve Bank;…
Section 826N — Ministerial consent to rules required
(1) ASIC must not make a CS facility rule unless the Minister has consented, in writing, to the making of the rule. Note: In some situations, consent is not required: see sections 826P and 826Q. (2)…
Section 826P — Emergency rules—consultation and consent not required
(1) ASIC may, under section 826H, make a CS facility rule without consulting as required by section 826M, and without the consent of the Minister as required by subsection 826N(1), if ASIC is of the…
Section 826Q — Crisis resolution—consultation and consent not required
(1) ASIC may: (a) under section 826H, make a CS facility rule; or (b) under section 826R, vary a CS facility rule; without consulting as required by section 826M, and without the consent of the…
Section 826R — Variation and revocation of rules
(1) ASIC may vary or revoke a CS facility rule in like manner and subject to like conditions (see subsection 33(3) of the Acts Interpretation Act 1901). (2) However, the requirements of sections 826M…
Section 826S — Regulations may limit how rules may deal with certain matters
The regulations may prescribe limits on: (a) the extent to which, or the way in which, the CS facility rules may deal with matters permitted by Subdivision A; or (b) the classes of persons on whom…
Section 826T — Provisions covered by this Subdivision
In this Subdivision, the provisions covered by this Subdivision are: (a) the following provisions: (i) the provisions of this Division; (ii) the provisions of regulations made for the purposes of the…
Section 826U — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions covered by this Subdivision; or (b) exempt a clearing and settlement facility or class of clearing…
Section 827A — Matters to be taken into account by ASIC
(1) ASIC must have regard to certain matters in deciding whether to: (a) grant an applicant an Australian CS facility licence under section 824B; or (b) impose, vary or revoke conditions on such a…
Section 827DA — Reserve Bank may determine resolvability standards for CS facility licensees and certain related bodies corporate
(1) The Reserve Bank may, by legislative instrument, determine standards for the purposes of ensuring that: (a) CS facility licensees; and (b) related bodies corporate of CS facility licensees, being…
Section 827B — ASIC may give advice to Minister and Reserve Bank
(1) ASIC may give advice to the Minister in relation to: (a) any matter in respect of which the Minister has a discretion under this Part; or (b) any other matter concerning clearing and settlement…
Section 827DB — Resolution planning
(1) The Reserve Bank may make a plan for the event that a condition in section 831A is satisfied in relation to a CS facility licensee. (2) If the Reserve Bank makes a plan under subsection (1), the…
Section 827C — Reserve Bank may give advice to Minister and ASIC
(1) The Reserve Bank may give advice to the Minister in relation to: (a) any matter in respect of which the Minister has a discretion under this Part; or (b) any other matter concerning clearing and…
Section 827D — Reserve Bank may determine financial stability standards
(1) The Reserve Bank may, by legislative instrument, determine standards for the purposes of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall…
Section 827E — Certain powers—consultation between ASIC and the Reserve Bank
ASIC must consult Reserve Bank (1) Before exercising a power under subsection 820C(1) or (7), 822E(2), 824B(1) or (2), 825A(1), 826A(1) or 826C(1) or section 826E, ASIC must consult the Reserve Bank.…
Section 828 — Meaning of CS service
(1) A CS service is a service that can only be provided if it has access to a clearing and settlement facility, or to data used in the operation of a clearing and settlement facility. (2) The…
Section 828A — CS services rules
(1) ASIC may, by legislative instrument, make rules (the CS services rules) that deal with the following: (a) the activities, conduct or governance of CS facility licensees, and associated entities…
Section 828B — CS services in relation to which rules may impose requirements
Requirements can only be imposed in relation to CS services covered by a determination under this section (1) The CS services rules cannot impose requirements in relation to CS services unless the CS…
Section 828C — Obligation to comply with CS services rules
A person must comply with provisions of the CS services rules that apply to the person. Note 1: This section is a civil penalty provision (see section 1317E). For relief from liability to a civil…
Section 828D — Obligation to notify ASIC in respect of breach
(1) A person must give written notice to ASIC, as soon as practicable, if the person becomes aware that the person may no longer be able to meet, or has breached, an obligation under section 828C.…
Section 828E — Alternatives to civil proceedings
(1) The regulations may provide for a person who is alleged to have contravened section 828C to do one or more of the following as an alternative to civil proceedings: (a) pay a penalty to the…
Section 828F — Failure to comply with CS services rules does not invalidate transaction etc.
A failure, in relation to a transaction, to comply with a requirement of the CS services rules does not invalidate the transaction or affect any rights or obligations arising under, or relating to,…
Section 828G — ASIC’s power to give directions to person not complying with obligations
(1) If ASIC considers that a person is not complying, or is not likely to comply, with its obligations under the CS services rules, ASIC may give the person a direction, in writing, to do specified…
Section 828H — Matters to which ASIC must have regard when making rules
In considering whether to make a CS services rule, ASIC: (a) must have regard to: (i) the likely effect of the proposed rule on the Australian economy, and on the efficiency, integrity and stability…
Section 828J — ASIC to consult before making rules
(1) ASIC must not make a CS services rule unless ASIC: (a) has consulted the public about the proposed rule; and (b) has also consulted the following about the proposed rule: (i) the ACCC; (ii) the…
Section 828K — Ministerial consent to rules required
(1) ASIC must not make a CS services rule unless the Minister has consented, in writing, to the making of the rule. Note: In some situations, consent is not required: see section 828L. (2) A consent…
Section 828L — Emergency rules: consultation and consent not required
(1) ASIC may make a CS services rule without consulting as required by section 828J, and without the consent of the Minister as required by section 828K, if ASIC is of the opinion that it is…
Section 828M — Amendment and revocation of CS services rules
(1) ASIC may amend or revoke a CS services rule in like manner and subject to like conditions (see subsections 33(3) and (3AA) of the Acts Interpretation Act 1901). (2) However, the requirements of…
Section 828N — ASIC may give advice to Minister
ASIC may give advice to the Minister in relation to: (a) any matter in respect of which the Minister has a discretion under this Part; or (b) any other matter concerning the CS services rules. Note:…
Section 828P — ACCC may give advice to Minister
The ACCC may give advice to the Minister in relation to any matter concerning the CS services rules. Note: In some cases, the Minister must have regard to the ACCC’s advice: see paragraph 827A(2)(h).
Section 828Q — Reserve Bank may give advice to Minister
The Reserve Bank may give advice to the Minister in relation to: (a) any matter in respect of which the Minister has a discretion under this Part; or (b) any other matter concerning the CS services…