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CORPORATIONS (FEES) AMENDMENT REGULATIONS 2011 (NO. 2) (SLI NO 273 OF 2011) - SCHEDULE 1

Amendments

(regulation 3)

 

[1]           Regulation 8

substitute

8               Market integrity function -- prescribed fees

Small financial market

         (1)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to a small financial market during a billing period:

                (a)    the fee is $9 375; and

               (b)    the fee is not imposed again for the billing period if ASIC performs its functions during the billing period in relation to another small financial market operated under the
same Australian market licence (within the meaning of section 761A of the Corporations Act).

         (2)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day after the billing period in which ASIC performs its functions.

Wholesale financial market

         (3)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to a wholesale financial market during a billing period:

                (a)    the fee is $9 375; and

               (b)    the fee is not imposed again for the billing period if ASIC performs its functions during the billing period in relation to another wholesale financial market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act).

         (4)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day after the billing period in which ASIC performs its functions.

ASX 24

         (5)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to the financial market operated by Australian Securities Exchange Limited during a billing period:

                (a)    the fee is $386 000; and

               (b)    the fee is not imposed again if ASIC performs its functions during the billing period in relation to another market operated under the same Australian market licence (within the meaning of section 761A of the Corporations Act).

         (6)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day after the billing period in which ASIC performs its functions.

Cash equity market -- operator fee

         (7)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to an operator of a cash equity market, the method for calculating the amount of the fee is:

                (a)    if the function is performed in relation to the operator ASX Limited:

where:

"TR" is the total number of transactions executed or reported under the operating rules of the financial market operated by ASX Limited during the billing period that are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

"TTR" is the total number of transactions executed or reported under the operating rules of all cash equity markets during the billing period that are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

"MR" is the total number of messages from the financial market operated by ASX Limited during the billing period that are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions.

TMR is the total number of messages from all cash equity markets during the billing period that are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions; or

               (b)    if the function is performed in relation to the operator Chi-X Australia Pty Ltd:

where:

"TR" is the total number of transactions executed or reported under the operating rules of the financial market operated by Chi-X Australia Pty Ltd during the billing period that are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

"TTR" is the total number of transactions executed or reported under the operating rules of all cash equity markets during the billing period that are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

"MR" is the total number of messages from the financial market operated by Chi-X Australia Pty Ltd during the billing period that are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions.

"TMR" is the total number of messages from all cash equity markets during the billing period that are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions.

         (8)   For subparagraph 7 (1) (m) (ii) of the Act, the time at which liability for the fee is incurred is the first day after the billing period in which ASIC performs its functions.

Cash equity markets -- participant fee

         (9)   For subsection 6A (1) of the Act, if ASIC performs its functions under Part 7.2A (Supervision of financial markets) of the Corporations Act in relation to a participant in a cash equity market, the method for calculating the amount of the fee is:

where:

"TR" is the total number of transactions executed on, or reported to, the cash equity markets by a participant during the billing period that:

                (a)    are reported by the operators of the cash equity markets to ASIC's Integrated Market Surveillance System; and

               (b)    are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

TTR is the total number of transactions executed on, or reported to, the cash equity markets by all participants during the billing period that:

                (a)    are reported by the operators of the cash equity markets to ASIC's Integrated Market Surveillance System; and

               (b)    are recognised by ASIC's Integrated Market Surveillance System as executed transactions.

MR is the total number of messages by a participant in the cash equity markets during the billing period that:

                (a)    are reported by the operators of the cash equity markets to ASIC's Integrated Market Surveillance System; and

               (b)    are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions.

TMR is the total number of messages by all participants in the cash equity markets during the billing period that:

                (a)    are reported by the operators of the cash equity markets to ASIC's Integrated Market Surveillance System; and

               (b)    are recognised by ASIC's Integrated Market Surveillance System as orders or executed transactions.

       (10)   For subparagraph 7 (1) (n) (ii) of the Act, the time at which liability for the fee is incurred is the first day after the billing period in which ASIC performs its functions.

       (11)   In this regulation:

"billing period" means each period of 3 months starting on 1 January 2012, 1 April 2012, 1 July 2012, 1 October 2012, 1 January 2013 and 1 April 2013.

cash equity market means:

                (a)    the financial market operated by ASX Limited; or

               (b)    the financial market operated by Chi-X Australia Pty Ltd.

"exempt market" means a market that has been exempted, by regulations made for paragraph 798L (1) (b) of the Corporations Act, from all of the provisions of Part 7.2A of that Act.

orders , in relation to a financial product to which Division 3 of Part 7.1 of the Corporations Act applies, means:

                (a)    an instruction to purchase or sell; or

               (b)    an instruction to amend or cancel an earlier instruction to purchase or sell.

small financial market means a financial market that has the following characteristics:

                (a)    it is not:

                          (i)    the financial market operated by Australian Securities Exchange Limited; or

                         (ii)    the financial market operated by ASX Limited; or

                        (iii)    the financial market operated by Chi-X Australia Pty Ltd; or

                        (iv)    an exempt market; or

                         (v)    a wholesale financial market;

               (b)    the operator is licensed under subsection 795B (1) of the Corporations Act;

                (c)    the total value of completed transactions in securities (as measured by the sale price of the securities) that are reported to the operator of the market under the operating rules of the market during the billing period is less than $2 500 000 000.

wholesale financial market means a financial market that has the following characteristics:

                (a)    it is not:

                          (i)    a small financial market; or

                         (ii)    the financial market operated by Australian Securities Exchange Limited; or

                        (iii)    the financial market operated by ASX Limited; or

                        (iv)    the financial market operated by Chi-X Australia Pty Ltd; or

                         (v)    an exempt market;

               (b)    the operator is licensed under subsection 795B (1) of the Corporations Act;

                (c)    each participant in the market is a wholesale client within the meaning of section 761G of the Corporations Act;

               (d)    each participant in the market acts:

                          (i)    only on its own behalf; or

                         (ii)    only on behalf of other wholesale clients.

Note 1    ASIC's functions under Part 7.2A (Supervision of financial markets) of the Corporations Act are mentioned in paragraphs (m) and (n) of the definition of chargeable matter in subsection 4 (1) of the Act. Expressions that are defined in the Corporations Act have the same meanings in these Regulations (see subsection 4 (2) o f the Act).

Note 2     Subparagraphs 7 (1) (m) (i) and (n) (i) of the Act identify the person liable to pay the fee.

[2]           Subregulation 9 (1)

substitute

         (1)   This regulation applies if a fee prescribed in regulation 8 remains unpaid 60 days after the day on which liability for the fee is incurred.

[3]           Paragraph 9 (2) (b)

substitute

               (b)    the amount of the fee for late payment is worked out by multiplying the amount of the unpaid fee by 20% per annum, calculated daily and charged twice monthly on the sixth and twentieth days of the month; and

[4]           Subregulation 9 (3)

substitute

         (3)   For subparagraphs 7 (1) (m) (ii) and (n) (ii) of the Act, the time at which liability for the fee for late payment is incurred is 60 days after the day on which liability for the fee prescribed in regulation 8 is incurred.




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