351 Regulations modifying this Part or Part 7 for licensed markets

(1)

The Governor-General may, on the recommendation of the Minister in accordance with subsection (3), make regulations for any 1 or more of the following purposes:

(a)

providing that any 1 or more of the provisions in subparts 2 to 8 of this Part (including any definitions in this Act as they apply in the relevant provisions, but excluding the obligations in section 314) do not apply in respect of a licensed market or class of licensed markets (and accordingly do not apply in relation to any issuers listed or financial products quoted on those markets):

(ab)

providing that section 451(1)(d) does not apply in respect of persons that are listed issuers only in respect of a licensed market or class of licensed markets, and providing for replacement or modified requirements to apply relating to accounting records and financial reporting:

(b)

providing for replacement or modified provisions to apply in respect of the licensed market or class of licensed markets (for example, instead of having continuous disclosure provisions in the listing rules and requiring listed issuers to comply with those provisions, having periodic or event-based disclosure or some other way of dealing with any information asymmetries in the market):

(c)

stating which provisions of the regulations (if any) are Part 5 market provisions for the purposes of this Act and, if so, whether the provisions give rise to civil liability under section 385(3) or (4) (see Part 8, in which Part 5 market provisions are specified to be civil liability provisions), including which provisions are alternative disclosure obligations for the purposes of section 314:

(d)

providing that a financial product market must not be treated as a licensed market for the purposes of any provision or provisions of this Act or any other specified enactment:

(e)

providing that issuers of a specified class must not be treated as listed issuers for the purposes of any provision or provisions of this Act or any other specified enactment:

(f)

providing that, in specified circumstances, financial products must not be treated as quoted financial products for the purposes of any provision or provisions of this Act or any other specified enactment.

(2)

Any regulations made under subsection (1) must specify the licensed market or class of licensed market to which they apply.

(3)

The Minister must, in relation to a recommendation under this section,—

(a)

have regard to the matters set out in section 308; and

(b)

be satisfied, in relation to any recommendation relating to subsection (1)(a) or (d), that the extent to which the regulations disapply any enactment to a licensed market is not broader than is reasonably necessary to address the matters that gave rise to the regulations; and

(c)

be satisfied, in relation to any recommendation relating to subsection (1)(e) or (f), that the extent to which the regulations disapply any enactment to issuers or financial products is not broader than is reasonably necessary to address the matters that gave rise to the regulations.

(4)

Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Legislation Act 2019 requirements for secondary legislation made under this section
PublicationPCO must publish it on the legislation website and notify it in the GazetteLA19 s 69(1)(c)
PresentationThe Minister must present it to the House of RepresentativesLA19 s 114, Sch 1 cl 32(1)(a)
DisallowanceIt may be disallowed by the House of Representatives LA19 ss 115, 116
This note is not part of the Act.

Section 351 heading: amended, on 1 April 2014, by section 47(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 351(1)(ab): inserted, on 1 April 2014, by section 47(2) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 351(1)(ab): amended, on 14 March 2021, by section 35 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).

Section 351(1)(e): inserted, on 9 August 2017, by section 71(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 351(1)(f): inserted, on 9 August 2017, by section 71(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 351(3)(b): amended, on 9 August 2017, by section 71(2) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 351(3)(c): inserted, on 9 August 2017, by section 71(3) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 351(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).