(1) This section applies if, under the compensation rules forming part of Division 3 arrangements for a particular financial market, a levy is payable by all or some of the participants in the market in order to ensure that adequate funds are available for the purposes of the arrangements.
(2) The levy is payable to the operator of the market, as agent for the Commonwealth, by each of the participants affected.
Note: For the imposition and amount of the levy, see the Corporations (Compensation Arrangements Levies) Act 2001 .
(3) An amount of levy payable under subsection (2) must be paid within the time and in the manner specified by the operator either generally or in relation to a particular case.
(4) Whenever an amount of levy (the levy amount ) is paid under this section, or under section 6 of the Corporations (Compensation Arrangements Levies) Act 2001 , to the operator of a market as agent for the Commonwealth:
(a) the operator must pay an amount equal to the levy amount to the Commonwealth; and
(b) the Consolidated Revenue Fund is appropriated by that amount for the purpose of payment to the operator; and
(c) the Commonwealth must pay the amount so appropriated to the operator; and
(d) the operator must deal with the amount it receives under paragraph (c) in accordance with the compensation rules.
(5) A payment of an amount to the operator of a market as required by paragraph (4)(c) in respect of a particular levy amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or a part of the levy amount, the operator must pay the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund.
(6) The Financial Management and Accountability Act 1997 does not apply in relation to the payment of an amount of levy under this section to the operator of a market as agent for the Commonwealth. However, the operation of that Act in relation to the following payments is not affected:
(a) the payment of an amount to the Commonwealth as required by paragraph (4)(a); or
(b) the payment of an amount by the Commonwealth as required by paragraph (4)(c).
The operator must, in accordance with the regulations, notify the Commonwealth of payments of levy it receives as agent for the Commonwealth.
(7) An amount payable by an operator as required by paragraph (4)(a) may be set off against an amount payable to the operator as required by paragraph (4)(c).