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CORPORATIONS ACT 2001 - SECT 767A

Meaning of financial market

  (1)   A financial market is a facility through which:

  (a)   offers to acquire or dispose of financial products are regularly made or accepted; or

  (b)   offers or invitations are regularly made to acquire or dispose of financial products that are intended to result or may reasonably be expected to result, directly or indirectly, in:

  (i)   the making of offers to acquire or dispose of financial products; or

  (ii)   the acceptance of such offers.

  (2)   However, the following conduct does not constitute operating a financial market :

  (a)   a person making or accepting offers or invitations to acquire or dispose of financial products on the person's own behalf, or on behalf of one party to the transaction only, unless the regulations specify circumstances in which such conduct does constitute operating a financial market and the person's conduct occurs in circumstances so specified;

  (b)   conducting treasury operations between related bodies corporate;

  (c)   a person, being the holder of a licence under an Australian law relating to the licensing of auctioneers, conducting an auction of forfeited shares;

  (d)   any other conduct of a kind prescribed by regulations made for the purposes of this paragraph.

  (3)   Something that is done through or by means of the facility that constitutes a financial market is done on the financial market.

Note:   For example, when securities are quoted or traded on a financial market.

Meaning of participant

  (4)   A person who is allowed to participate directly in a financial market under the market's operating rules is a participant in the market.

  (5)   A person who is:

  (a)   recognised by the operating rules of the market as a suitably qualified affiliate of the market; and

  (b)   involved in the carrying on of a financial services business (including as an employee, director or in some other capacity);

is also, for the purposes of the following provisions, a participant in the market:

  (c)   paragraph   792B(2)(b);

  (d)   section   793B;

  (e)   section   883A;

  (f)   subsection   915F(2);

  (g)   paragraphs 923B(3)(a) and (b);

  (h)   any other provisions prescribed by regulations for the purposes of this paragraph.


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