(1) If a person who is under an obligation to comply with or enforce any of the compensation rules forming part of Division 3 arrangements for a financial market fails to meet that obligation, an application to the Court may be made by:
(a) ASIC; or
(b) the operator of the market; or
(c) the operator of a clearing and settlement facility, if:
(i) there are clearing and settlement arrangements (as defined in section 790A) for some or all transactions effected through the market; and
(ii) those arrangements are with the operator of the facility; or
(d) a person aggrieved by the failure.
(2) After giving an opportunity to be heard to the applicant and the person against whom the order is sought, the Court may make an order giving directions to:
(a) the person against whom the order is sought; or
(b) if that person is a body corporate--the directors of the body corporate;
about compliance with, or enforcement of, the compensation rules.
(3) For the purposes of this section, if the operator of the market fails to comply with or enforce provisions of the compensation rules, a person who is, under the rules, entitled to make a claim for compensation is (whether or not they have actually made a claim) taken to be a person aggrieved by the failure.
(4) There may be other circumstances in which a person may be aggrieved by a failure for the purposes of this section.