General obligations of licensed market operator

314 General obligations in respect of licensed markets

(1)

A licensed market operator must,—

(a)

to the extent that is reasonably practicable, do all things necessary to ensure that each of its licensed markets is a fair, orderly, and transparent market; and

(b)

have adequate arrangements for operating its licensed markets, including arrangements—

(i)

for notifying disclosures made to it under a disclosure obligation and for continuing to make those disclosures available; and

(ii)

for handling conflicts between the commercial interests of the licensed market operator and the need for the licensed market operator to ensure that the markets operate in the way referred to in paragraph (a); and

(iii)

for monitoring the conduct of participants on or in relation to the markets; and

(iv)

for enforcing compliance with the relevant market rules (for example, by having a sufficiently independent adjudicative body to adjudicate on contraventions of market rules that are referred to it); and

(c)

have sufficient resources (including financial, technological, and human resources) to operate its licensed markets properly; and

(d)

have adequate arrangements for ensuring that the criteria specified in section 316(c) or 317(1)(d), as the case may be, continue to be met.

(2)

In subsection (1)(b)(i), disclosure obligation means—

(a)

any provision of subpart 4, 5, or 6 that requires information to be notified or disclosed to a licensed market operator:

(b)

an alternative disclosure obligation:

(c)

a provision of this Act, the regulations, or another enactment that requires information to be notified or disclosed to a licensed market operator for the purpose of the information being made available to participants in a licensed market.

Compare: 1988 No 234 s 36Y; Corporations Act 2001 s 792A (Aust)

Section 314(1)(b)(i): replaced, on 9 August 2017, by section 70(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 314(2): inserted, on 9 August 2017, by section 70(2) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).