Document ID: chunk:federal_register_of_legislation:C2025C00185:section:766d
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 766D
Character Range: 3041703–3042771

766D  Meaning of makes a market
 (1) 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:
 (i) superannuation products; or
 (ii) managed investment products; or
 (iii) financial products referred to in paragraph 764A(1)(ba) (which relates to certain managed investment schemes that are not registered schemes); or
 (iv) foreign passport fund products.