Commonwealth Consolidated Acts

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Additional directions to clearing and settlement facilities

             (1)  If ASIC gives a direction under section 794D, it may also give a written direction to the operator of each clearing and settlement facility with which the market licensee has clearing and settlement arrangements for transactions effected through the market:

                     (a)  prohibiting the operator from acting in a manner inconsistent with the section 794D direction; and

                     (b)  requiring the operator to do all that the operator is reasonably capable of doing to give effect to the section 794D direction.

             (2)  The operator must comply with the direction given to it under this section.

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

             (3)  If the operator fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the operator comply with the direction.

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