(1) ASIC may, at any time:
(a) impose conditions, or additional conditions, on an Australian market 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 on ASIC's website 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 798A.
(2) ASIC may do so:
(a) on ASIC's own initiative, subject to subsection (3); or
(b) if the licensee lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the prescribed documents, if any.
Note: For fees in respect of lodging applications, see Part 9.10.
(3) ASIC may only impose conditions or additional conditions, or vary the 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 market licensee under this Chapter; and
(ii) any change in market operations or the conditions in which the market 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 market licence is subject to conditions that specify:
(a) the particular market that the licensee is authorised to operate; and
(b) the class or classes of financial products that can be dealt with on the market; and
(c) if ASIC considers that the licensee should have clearing and settlement arrangements for transactions effected through the market--the type of clearing and settlement arrangements that are adequate.
Note: If compensation arrangements in relation to the market are approved under Division 3 of Part 7.5, there must also be conditions as required by subsection 882A(4) or paragraph 882B(4)(b).