Application for approval of compensation arrangements after grant of Australian market licence: information about compensation arrangements
7.5.15 Application for approval of compensation arrangements after grant of Australian market licence: information about compensation arrangements
For paragraph 882B(2)(a) of the Act, the following information, relating to proposed compensation arrangements, is prescribed:
the services and products provided by the financial market, and participants connected with the financial market;
the sources of all funds to be used for compensation;
the proposed minimum amount of cover, and how that amount has been calculated;
the number of markets to which the compensation arrangements are intended to apply;
details of any arrangement between the market operator and any other person associated with the operation of the compensation arrangement;
details of the payments that will be able to be made, in accordance with the compensation arrangements, that will not be payments required by the Act or another law;
the names of the persons responsible for the administration and monitoring functions mentioned in paragraphs 885I(1)(a), (b) and (c) of the Act, and details of the financial, technological and other resources to be used for those purposes;
the name of the proposed auditor of the accounts relating to the compensation arrangements;
the way in which the compensation arrangements will be monitored to ensure that they comply with the Act and these Regulations;
the way in which the compensation arrangements will be monitored to ensure that they are adequate.
This Act’s bill:Explanatory statement
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