Released 24 October 2001. Comment closed 16 November 2001.

Applications by Eurex Deutschland (EUREX), Hong Kong Futures Exchange Limited (HKFE) and the London Metal Exchange Limited (LME) for approval pursuant to section 1127 of the Corporations Act 2001.

Application by EUREX for approval pursuant to section 771 of the Corporations Act 2001.

Consultation summary

This summary of the above applications has been prepared by the Australian Securities and Investments Commission (ASIC) for the purpose of obtaining comments from interested persons about the applications.

This document focuses primarily on the operation of the Corporations Act 2001 in respect of the applications. In the event that the applications are approved, issues will arise in relation to the transition of the various exempt markets to the licensing regime to be introduced into the Corporations Act by the Financial Services Reform Act 2001 (FSR Act), the provisions of which will better facilitate proposals such as those under consideration. These issues will relate, for example, to compensation arrangements and supervision of market participants.

Although the FSR Act related issues will be considered in detail at a later stage, interested parties are also invited to comment at this time upon the implications of that Act for the proposed exempt markets which are the subject of the above applications.

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