Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A clearing and settlement facility is taken to be operated in this jurisdiction if it:
(a) is operated by a body corporate that is registered under Chapter 2A; or
(b) is covered by a declaration in force under subsection (2).
(2) ASIC may, by written notice given to a body corporate, declare that a clearing and settlement facility operated by the body corporate has a material connection with this jurisdiction.
Referrals to the Minister
(3) If, at any time after a body corporate receives a declaration under subsection (2), the body corporate requests in writing that ASIC refer the declaration to the Minister, ASIC must do so immediately.
(4) The Minister may, if the Minister considers it appropriate after being referred the declaration, direct ASIC to vary or revoke the declaration.
(5) ASIC must comply with the direction given under subsection (4) immediately.
(6) A direction given under subsection (4) is not a legislative instrument.