Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_766d
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 766D
Character Range: 70104–71142

766D  Meaning of makes a market for a financial product

 (1) For the purposes of this Chapter, a person makes a market for a financial product if:
 (a) either through a facility, at a place or otherwise, the person regularly states the prices at which they propose to acquire or dispose of financial products on their own behalf; and
 (b) other persons have a reasonable expectation that they will be able to regularly effect transactions at the stated prices; and
 (c) the actions of the person do not, or would not if they happened through a facility or at a place, constitute operating a financial market because of the effect of paragraph 767A(2)(a).

 (2) Paragraph (1)(a) does not apply to a person stating prices at which they propose to acquire or dispose of financial products if:
 (a) the person is the issuer of the products; and
 (b) the products are superannuation products, managed investment products or financial products referred to in paragraph 764A(1)(ba) (which relates to unregistered managed investment schemes).