Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 908BE — More than one financial benchmark may be specified in the same licence
(1) The same benchmark administrator licence may specify 2 or more financial benchmarks. (2) In that case, a reference to the financial benchmark specified in the licence is taken instead to be a…
Section 908CE — Permitted powers and matters that may be dealt with in the rules
(1) The permitted powers and matters are the following: (a) the power for ASIC to require, by written notice, an entity referred to in paragraph 908CB(h): (i) to provide data or information to a…
Section 908AF — ASIC to supervise financial benchmarks that are specified in benchmark administrator licences
(1) ASIC has the function of supervising financial benchmarks that are specified in benchmark administrator licences. (2) If such a financial benchmark is wholly or partly generated or administered…
Section 908BF — Publishing details of licences
If ASIC grants a benchmark administrator licence, ASIC must publish a notice stating: (a) the name of the licensee and of the financial benchmark specified in the licence; and (b) when the licence…
Section 908CF — Obligation to comply with each set of rules
(1) A person (whether a benchmark administrator licensee or otherwise) must comply with: (a) provisions of the financial benchmark rules; and (b) provisions of the compelled financial benchmark…
Section 908AG — Extraterritorial application
Subject to sections 908BB and 908DD, this Part applies to acts, omissions, matters and things in Australia or outside Australia.
Section 908BG — Conditions, including varying and revoking conditions
(1) ASIC may, at any time, take action to: (a) impose conditions, or additional conditions, on a benchmark administrator licence; or (b) vary or revoke any conditions to which a benchmark…
Section 908CG — Alternatives to civil proceedings
(1) The regulations may provide for a person who is alleged to have contravened subsection 908CF(1) to do one or more of the following as an alternative to civil proceedings: (a) pay a penalty to the…
Section 908BH — Varying licences
ASIC may vary a benchmark administrator licence to: (a) take account of a change in the licensee’s name; or (b) take account of a change in the financial benchmark specified in the licence; or (c)…
Section 908CH — Infringement notices
(1) Subsection 908CF(1) is subject to an infringement notice under Part 5 of the Regulatory Powers Act. Infringement officer (2) For the purposes of Part 5 of the Regulatory Powers Act, each staff…
Section 908BI — Immediate suspension or cancellation
(1) ASIC may, by giving written notice to a benchmark administrator licensee, suspend the licensee’s licence for a specified period, or cancel it, if: (a) the licensee ceases to carry on the business…
Section 908CI — Enforceable undertakings
(1) Subsection 908CF(1) is enforceable under Part 6 of the Regulatory Powers Act (about enforceable undertakings). Authorised person (2) For the purposes of Part 6 of the Regulatory Powers Act, each…
Section 908BJ — Suspension or cancellation following hearing and report
(1) If ASIC considers that a benchmark administrator licensee has breached, or is in breach of: (a) any conditions to which the licence is subject; or (b) any of its obligations under this Part; or…
Section 908CJ — Protection from liability for compliance in good faith
If: (a) a person (the protected person): (i) provides financial benchmark data, or other information, to another person; or (ii) otherwise allows another person access to financial benchmark data, or…
Section 908BK — Effect of suspension
(1) A person whose benchmark administrator 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 under…
Section 908CK — Matters to which ASIC has regard when making rules
In considering whether to make a rule under this Division, ASIC: (a) must have regard to: (i) the final report titled “Principles for Financial Benchmarks”, dated July 2013 and published by the Board…
Section 908BL — Varying or revoking a suspension
ASIC may at any time vary or revoke a suspension of a benchmark administrator licence by giving written notice to the licensee.
Section 908CL — ASIC to consult before making rules
(1) ASIC must not make a rule under this Division unless ASIC: (a) has consulted the public about the proposed rule; and (b) has also consulted any other person or body as required by regulations…
Section 908BM — Publishing details of suspensions or cancellations of licences
(1) If ASIC takes action to: (a) suspend, or vary or revoke a suspension of, a benchmark administrator licence; or (b) cancel a benchmark administrator licence; ASIC must publish a notice to that…
Section 908CM — Ministerial consent to rules required
(1) ASIC must not make a rule under this Division unless consent for it has been given under subsection (2). Note: In some situations, consent is not required (see section 908CN). (2) The Minister…
Section 908BN — Variations, suspensions or cancellations only in accordance with this Subdivision
A benchmark administrator 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 908BG.
Section 908CN — Emergency rules: consultation and consent not required
(1) ASIC may make a rule under this Division without consulting as required by section 908CL, and without the consent of the Minister as required by section 908CM, if ASIC is of the opinion that it…
Section 908BO — Matters to which ASIC must have regard
(1) ASIC must have regard to certain matters in deciding whether to take any of the following actions in relation to a financial benchmark: (a) grant under section 908BC a benchmark administrator…
Section 908CO — Requirements
Each of the financial benchmark rules and compelled financial benchmark rules may deal with a matter by imposing requirements.
Section 908BP — General obligations
A benchmark administrator licensee must: (a) comply with the conditions on the licence; and (b) if the licensee is a foreign body corporate—be registered under Division 2 of Part 5B.2; and (ba) take:…
Section 908CP — Regulations may limit how rules may deal with certain matters
(1) The regulations may prescribe limits on: (a) the extent to which, or the way in which, the financial benchmark rules may deal with matters permitted by Subdivision A; or (b) the classes of…
Section 908BQ — Obligation to notify ASIC of certain matters
(1) A person commits an offence if: (a) the person is a benchmark administrator licensee; and (b) the licensee becomes aware of any of the following events: (i) that the licensee may no longer be…
Section 908CQ — Varying or revoking the rules
(1) ASIC may vary or revoke a rule made under this Division in like manner and subject to like conditions (see subsections 33(3) and (3AA) of the Acts Interpretation Act 1901). (2) However, the…
Section 908BR — Obligation to assist ASIC, APRA and the Reserve Bank
(1) ASIC, APRA and the Reserve Bank are each a regulator to which this section applies. (2) A person commits an offence if: (a) the person is a benchmark administrator licensee; and (b) a regulator…
Section 908BS — Obligation to give ASIC access to licensee’s facilities
A person commits an offence if: (a) the person is a benchmark administrator licensee; and (b) ASIC requests, in writing, the person to provide reasonable access to any of the person’s facilities for…
Section 908BT — ASIC’s power to give directions to licensee not complying with obligations
(1) If ASIC considers that a benchmark administrator licensee is not complying with: (a) any of its obligations under this Part; or (b) any of its obligations under rules made under Division 3; ASIC…
Section 908BU — Minister may disallow all or part of an ASIC direction etc.
(1) As soon as practicable after giving the benchmark administrator licensee: (a) a direction under subsection 908BT(1); or (b) a notice of variation or revocation under subsection 908BT(4); ASIC…
Section 908BV — ASIC’s power to give directions requiring reports
(1) ASIC may, in writing, direct a benchmark administrator licensee to give ASIC a report that: (a) deals with specified matters; and (b) if ASIC requires—includes an audit statement on the…
Section 908BW — ASIC may assess licensee’s compliance
(1) ASIC may do an assessment of how well a benchmark administrator licensee is complying with one or more of its obligations: (a) under this Part; or (b) under rules made under Division 3. In doing…
Section 908BX — Basis of licences
(1) A benchmark administrator licence is granted under this Part on the basis that: (a) the licence may be varied, suspended or cancelled, or made subject to conditions (or additional conditions), by…
Section 910A — Meaning of some terms relating to licensing of providers of financial services
In this Act: body corporate licensee means a body corporate that: (a) is a financial services licensee; and (b) is authorised to provide personal advice to retail clients in relation to relevant…
Section 910B — Meaning of control
(1) In this Part, control, of a body corporate, is: (a) having the capacity to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general…
Section 910C — Meaning of linked to a refusal or failure to give effect to a determination made by AFCA
(1) An entity is linked to a refusal or failure to give effect to a determination made by AFCA if: (a) a complaint is made under the AFCA scheme; and (b) AFCA makes a determination relating to the…
Section 910D — Insurance fulfilment providers taken to be acting on behalf of financial services licensees
A person who: (aa) carries on a business of providing goods or services to persons insured under insurance products in satisfaction of the liability of the insurers under those products; and (a) in…
Section 911A — Need for an Australian financial services licence
(1) Subject to this section, a person who carries on a financial services business in this jurisdiction must hold an Australian financial services licence covering the provision of the financial…
Section 911B — Providing financial services on behalf of a person who carries on a financial services business
(1) A person (the provider) must only provide a financial service in this jurisdiction on behalf of another person (the principal) who carries on a financial services business if one or more of the…
Section 911C — Prohibition on holding out
A person must not hold out: (a) that the person has an Australian financial services licence; or (b) that a financial service provided by the person or by someone else is exempt from the requirement…
Section 911D — When a financial services business is taken to be carried on in this jurisdiction
(1) A financial services business is taken to be carried on in this jurisdiction by a person if, in the course of the person carrying on the business, the person engages in conduct that is: (a)…
Section 912A — General obligations
General obligations (1) A financial services licensee must: (a) do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly; and…
Section 912CA — Regulations may require information to be provided
The regulations may require a financial services licensee, or each financial services licensee in a class of financial services licensees, to provide ASIC with specified information about: (a) the…
Section 912DA — Obligation to notify ASIC of change in control
(1) If an entity starts to control, or stops controlling, a financial services licensee, the licensee must lodge a notification with ASIC: (a) in the prescribed form; and (b) before the end of 30…
Section 912DAA — Obligation to lodge a report—reportable situations in relation to the financial services licensee
Reporting a reportable situation to ASIC (1) If there are reasonable grounds to believe that a reportable situation has arisen in relation to a financial services licensee: (a) the financial services…
Section 912EA — Reporting to clients affected by a reportable situation
Notifying an affected client of a reportable situation (1) A financial services licensee must take reasonable steps to notify a person (the affected client) of a reportable situation in accordance…
Section 912B — Arrangements for compensation if financial services provided to persons as retail clients
(1) If a financial services licensee provides a financial service to persons as retail clients, the licensee must have arrangements for compensating those persons for loss or damage suffered because…
Section 912DAB — Obligation to lodge a report—reportable situations in relation to other financial services licensees
Reporting a reportable situation to ASIC (1) A financial services licensee (the reporting licensee) must lodge a report with ASIC in accordance with this section if there are reasonable grounds to…