Commonwealth Consolidated Acts

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Change of country by foreign licensee

             (1)  In the case of a licence granted under subsection 824B(2), the Minister may approve the location of the licensee's principal place of business in a new country only if:

                     (a)  the new country is not Australia; and

                     (b)  the operation of the facility in that country will be subject to requirements and supervision that are sufficiently equivalent, in relation to the degree of protection from systemic risk and the level of effectiveness and fairness of services they achieve, to the requirements and supervision to which clearing and settlement facilities are subject under this Act in relation to those matters.

             (2)  If, in relation to a licence granted under subsection 824B(2), the licensee's principal place of business changes to become a place in Australia:

                     (a)  the licence ceases to be in force from the time of the change; and

                     (b)  if the licensee wishes the facility to continue to be licensed, the licensee may apply for the grant of a new licence under subsection 824B(1); and

                     (c)  the application must be assessed in accordance with Subdivision A of Division 3, subject to such modifications (if any) of that Subdivision as are set out in regulations made for the purposes of this paragraph.

             (3)  An application referred to in paragraph (2)(b) may be made in advance of the change of location of the principal place of business, and a decision on the application may be made before that time. However, any licence granted pursuant to the application does not come into force until the change occurs.

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