Document ID: chunk:federal_register_of_legislation:F2016L01501:body:0:p1
Version: federal_register_of_legislation:F2016L01501
Segment Type: other
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Character Range: 0–2813

Corporations (Low Volume Financial Markets) Instrument 2016/888
I, Grant Moodie, delegate of the Minister for Revenue and Financial Services, make the following legislative instrument.

Date  22 September 2016

Grant Moodie

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Exemption from the requirement to hold an Australian market licence
6 Conditions

Part 1—Preliminary

1 Name of legislative instrument
This is the Corporations (Low Volume Financial Markets) Instrument 2016/888.

2 Commencement
This instrument commences on the later of:
           (a) 30 September 2016;
           (b) the date of its gazettal;
           (c) the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under subsection 791C(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
low volume financial market means a financial market on which:
(a) no more than 100 completed transactions are entered into; and
(b) the value of the transactions entered into does not exceed $1.5 million;
       in the 12 month period commencing on the date the financial market was named in the register or any subsequent 12 month period.
register means the register of entities that is established and kept by ASIC for the purposes of section 791C of the Act in relation to low volume financial markets.

       Part 2—Exemption

5 Exemption from the requirement to hold an Australian market licence
(1) A low volume financial market whose operator is named on the register in relation to the market is exempt from the operation of Part 7.2 of the Act.
(2) An operator of a low volume financial market must comply with the conditions in relation to the market.
(3) A failure to comply with a condition does not have the effect that the market is not exempt from the operation of Part 7.2 of the Act.
           Note: ASIC may remove from the register the name of an operator of a financial market and of the details in relation to the market. If ASIC takes such action, the financial market is no longer exempt from the operation of Part 7.2 of the Act from the day the name and details are removed.

6 Conditions
Operating a financial market
(1) The operator must ensure that it and its associates:
           (a) do not operate more than 2 financial markets to which this instrument applies; and
           (b) do not operate a licensed market.
Financial products
(2) The operator must ensure that the financial products able to be traded on the financial market satisfy the following:
           (a) the financial products must be issued by the same person who must  be either the operator or an