Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_850a
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 850A
Character Range: 190574–192339

850A  Scope of Division
 (1) This Division applies in relation to widely held market bodies.

Meaning of widely held market body
 (2) A body corporate is a widely held market body if the body:
 (a) is:
 (i) a market licensee or the holding company of such a licensee; or
 (ii) a CS facility licensee or the holding company of such a licensee; and
 (b) is declared under subsection (3).
 (3) ASIC may, by legislative instrument, declare a specified body corporate for the purposes of paragraph (2)(b) if, having regard to the matters in subsection (4), ASIC is satisfied that:
 (a) if the body is a market licensee or the holding company of such a licensee—the financial market to which the licence relates is of national significance; or
 (b) if the body is a CS facility licensee or the holding company of such a licensee—the clearing and settlement facility to which the licence relates is of national significance.
 (4) The matters are:
 (a) the significance to the national economy of the operation of the market or the facility; and
 (b) the size and importance of the market or the facility:
 (i) in the context of the Australian financial products and services industry; and
 (ii) relative to other financial markets on which similar financial products are dealt, or other clearing and settlement facilities providing similar services, in Australia; and
 (c) the degree of, or potential for, competition within the market or the facility; and
 (d) any other matters that ASIC considers relevant.
 (5) ASIC must not make a declaration under subsection (3) unless:
 (a) the Minister has approved it in writing; and
 (b) if the proposed declaration relates to a body corporate mentioned in subparagraph (2)(a)(ii)—ASIC has consulted the Reserve Bank about it.