Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 practicable to do so; and
(a) to the extent that it is reasonably practicable to do so, do all things necessary to ensure that the facility's services are provided in a fair and effective way; and
(b) comply with the conditions on the licence; and
(c) have adequate arrangements (whether they involve a self - regulatory structure or the appointment of an independent person or related entity) for supervising the facility, including arrangements for:
(i) handling conflicts between the commercial interests of the licensee and the need for the licensee to ensure that the facility's services are provided in a fair and effective way; and
(ii) enforcing compliance with the facility's operating rules; and
(d) have sufficient resources (including financial, technological and human resources) to operate the facility properly and for the required supervisory arrangements to be provided; and
(e) if the licensee is a foreign body corporate--be registered under Division 2 of Part 5B.2; and
(ea) if the licence was granted under subsection 824B(1) (domestic clearing and settlement facilities)--be registered under Chapter 2A; and
(f) if the licence was granted under subsection 824B(2) (overseas clearing and settlement facilities)--both:
(i) remain authorised to operate a clearing and settlement facility in the foreign country in which the licensee's principal place of business is located; and
(ii) get ASIC's approval under section 821F before that principal place of business becomes located in any other foreign country; and
(g) if the licensee, or a holding company of the licensee, is a widely held market body--take all reasonable steps to ensure that an unacceptable control situation does not exist in relation to the body; and
(h) take all reasonable steps to ensure that no disqualified individual becomes, or remains, involved in the licensee (see Division 2 of Part 7.4).
(2) A person contravenes this subsection if the person contravenes a paragraph of subsection (1) other than paragraph (b).
Note: This subsection is a civil penalty provision (see section 1317E).