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CORPORATIONS ACT 2001 - SECT 908BC

When a licence may be granted

Granting licences--general

             (1)  ASIC may grant an applicant a licence (a benchmark administrator licence ) to administer a specified financial benchmark if ASIC is satisfied that:

                     (a)  the application was made in accordance with section 908BD; and

                     (b)  the applicant will comply with the obligations that will apply if the licence is granted; and

                     (c)  no disqualified individual appears to be involved in the applicant.

The licence may be granted subject to conditions.

Note 1:       ASIC must also have regard to the matters in section 908BO in deciding whether to grant a licence.

Note 2:       A licence is required if the benchmark is a significant financial benchmark (see section 908BA). Licences are not required, but can still be granted, for other financial benchmarks.

Foreign bodies

             (2)  Despite subsection (1), if the applicant is a foreign body corporate, ASIC must not grant the applicant a licence unless the applicant is registered under Division 2 of Part 5B.2.

Disqualified individuals

             (3)  Despite subsection (1), ASIC must not grant the applicant a licence unless:

                     (a)  42 days have passed since the application was made; and

                     (b)  if ASIC gives a notice under subsection 853D(2) to the applicant within those 42 days, ASIC decides not to make a declaration under section 853C about any individual who is involved in the applicant.

Notice of decision

             (4)  ASIC must give the applicant written notice of:

                     (a)  ASIC's decision whether to grant the applicant a licence; and

                     (b)  if the licence is granted--any conditions to which the licence is subject.



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