Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_820a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 820A
Character Range: 132906–133657

820A  Need for a licence

 (1) A person must only operate, or hold out that the person operates, a clearing and settlement facility in this jurisdiction if:
 (a) the person has an Australian CS facility licence that authorises the person to operate the facility in this jurisdiction; or
 (b) the facility is exempt from the operation of this Part.

Note 1: A CS facility licensee may also provide financial services incidental to the operation of the facility: see paragraph 911A(2)(d).

Note 2: Failure to comply with this subsection is an offence: see subsection 1311(1).

 (2) For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b).

Note: For strict liability, see section 6.1 of the Criminal Code.