Commonwealth Consolidated Acts

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Need for a licence

             (1)  A person must only operate, or hold out that the person operates, a financial market in this jurisdiction if:

                     (a)  the person has an Australian market licence that authorises the person to operate the market in this jurisdiction; or

                     (b)  the market is exempt from the operation of this Part.

Note 1:       A market licensee may also provide financial services incidental to the operation of the market: see paragraph 911A(2)(d).

Note 2:       Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (2)  For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b).

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (3)  A person contravenes this subsection if the person contravenes subsection (1).

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

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