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.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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