- April 12, 2019
- Posted by: admin
- Category: Uncategorized
Anyone who operates a CS facility in Australia must be licensed or exempted by the Minister.
A clearing and settlement (CS) facility is a facility that clears and settles transactions in financial products.
ASIC and the Reserve Bank of Australia are responsible for the supervision of operators of CS facilities and their participants. ASIC’s main functions are to:
advise the Minister about CS facility licence applications, licence exemptions, changes to operating rules and other matters relating to CS facilities
assess, report on and enforce licensees’ compliance with their obligations, and
enforce the prohibition on a person operating, or holding out that they operate, a CS facility in Australia, if they are not licensed or exempt.
We will only advise the Minister to grant a CS facility licence if we consider that all the relevant criteria are met. The Minister may grant or refuse to grant a CS facility licence, or exempt a facility from the requirement to hold a CS facility licence.