Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 821J

  (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 immediately after becoming aware of a material change in circumstances of the body corporate that:

  (c)   relate to:

  (i)   risk management; or

  (ii)   the licensee's ability to continue to provide one or more clearing and settlement facility services; and

  (d)   are circumstances to which subsection   (2) applies.

Note:   Failure to comply with this section is an offence: see subsection   1311(1).

  (2)   For the purposes of paragraph   (1)(d), this subsection applies to circumstances that affect any of the following:

  (a)   the solvency of the body corporate;

  (b)   voting power in the body corporate (but see subsections   (3) and (4));

  (c)   the structure of the body corporate;

  (d)   the structure of the group (if any) consisting of:

  (i)   the body corporate; and

  (ii)   each related body corporate of the body corporate;

  (e)   the provision of one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia.

Change in voting power in listed related body corporate

  (3)   Subsection   (4) applies to a body corporate that is:

  (a)   a related body corporate of a CS facility licensee; and

  (b)   a listed entity.

  (4)   For the purpose of this section, a change in voting power in the body corporate is a material change in circumstances of the body corporate if, and only if:

  (a)   before the change, a particular person held:

  (i)   no voting power in the body corporate; or

  (ii)   less than 20% of the voting power in the body corporate; and

  (b)   after the change, the person holds at least 20% of that voting power.

Changes already notified to Reserve Bank

  (5)   A body corporate is not required to notify the Reserve Bank of a material change in circumstances of the body corporate under subsection   (1) if the body corporate has already notified the Reserve Bank of that change under another provision of this Part.