(1) ASIC may, at any time:
(a) impose conditions, or additional conditions, on an Australian derivative trade repository licence; or
(b) vary or revoke conditions imposed on such a licence;
by giving written notice to the licensee. ASIC must also publish a notice in the Gazette with details of the action and when it took effect.
Note: As well as the requirements in this section, ASIC must also have regard to the matters in section 905P.
(2) ASIC may do so:
(a) on its own initiative, subject to subsection (3); or
(b) if the licensee lodges an application with ASIC in the prescribed form, seeking the imposition of the conditions or additional conditions, or seeking the variation or revocation of conditions.
Note 1: See section 350 for how to lodge an application in the prescribed form.
Note 2: For fees in respect of lodging applications, see Part 9.10.
(3) ASIC may only impose conditions or additional conditions, or vary or revoke conditions, on the licence on ASIC's own initiative if:
(a) ASIC considers it appropriate to do so having regard to:
(i) the licensee's obligations as a derivative trade repository licensee under this Part; and
(ii) any change in the operations of the derivative trade repository, or in the conditions in which the repository is operating; and
(b) ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.
This subsection does not apply to ASIC imposing conditions when a licence is granted.
(4) ASIC must ensure that each Australian derivative trade repository licence is subject to conditions that specify:
(a) the particular derivative trade repository that the licensee is authorised to operate; and
(b) the class or classes of derivatives in respect of which the repository can provide services for the purposes of this Part.
Note: The licence condition required by paragraph (b) does not apply to services that a licensed derivative trade repository provides otherwise than for the purposes of this Part.