Section 904A — Corporations Act 2001 (Cth)

(1) A derivative trade repository licensee must:

(a) comply with the conditions on the licence; and

(b) if the licensee is a foreign body corporate—be registered under Division 2 of Part 5B.2; and

(ba) take:

(i) all reasonable steps; and

(ii) if the licensee is not a foreign body corporate—all additional steps (if any) prescribed by the regulations for the purposes of this subparagraph;

to ensure that each core officer of the licensee is:

(iii) a fit and proper person to perform the functions of a core officer of the licensee; and

(iv) without limiting subparagraph (iii)—capable of performing those functions, including being competent to perform those functions; and

(c) take all reasonable steps to ensure that no disqualified individual becomes, or remains, involved in the operator (see Division 2 of Part 7.4); and

(d) take all reasonable steps to ensure that no individual against whom an FMI banning order is made does any of the things mentioned in subsection 853N(1) in relation to the licensee in contravention of the order.

Note: Derivative trade repository licensees must also comply with other provisions of this Part that apply to them.

(2) A person contravenes this subsection if the person contravenes a paragraph of subsection (1) other than paragraph (a).

Note: This subsection is a civil penalty provision (see section 1317E).

Related sections

• s 903H — Ministerial consent to rules required
• s 903J — Emergency rules: consultation and consent not required
• s 903K — Amendment and revocation of derivative trade repository rules
• s 904B — Obligations relating to derivative trade data
• s 904C — Obligation to notify ASIC of certain matters
• s 904D — Obligation to assist ASIC, APRA and the Reserve Bank

Research how courts apply s 904A

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