48Small securities exchange operators

#### 48 Small securities exchange operators (1) A leviable entity forms part of the small securities exchange operators sub‑sector in a financial year if, at any time in the financial year, the entity is the operator of a small securities exchange. Entity metric (2) The leviable entity’s entity metric for the sub‑sector for the financial year is: (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the exchange; or (b) if the entity operated 2 or more small securities exchanges in the financial year—the sum of the days worked out under paragraph (a) for each of those exchanges. (3) A licensed market is a small securities exchange, in relation to a financial year, if: (a) less than 10 million transactions in securities are entered into on the market in the financial year; and (aa) the market is a declared financial market (within the meaning of the Corporations Act 2001); and (b) the market is not: (i) an overseas market; or (ii) a small securities (self‑listing) exchange. (4) For the purposes of paragraph (3)(a), securities has the same meaning as in subsection 92(5) of the Corporations Act 2001.