122EBLevy on reportable transactions

122EB Levy on reportable transactions

(1) Where the amount in the Fund is less than the minimum amount, the Corporation may, whether or not it also imposes a levy under section 122FB, impose a levy on reportable transactions. (2) A levy imposed under this section is payable:

(a) in respect of a reportable transaction included in a class of transactions, or in any of 2 or more classes of transactions, determined in writing by the Corporation for the purposes of the levy; and

(b) at a rate or rates so determined.

(3) The Corporation may determine under subsection (2) different rates of levy in respect of:

(a) transactions in different kinds of securities; or

(b) transactions by dealers included in different classes of dealers.

(4) Where the Corporation makes or varies a determination under subsection (2), it shall supply to each participating exchange a copy of the determination, or of the variation and of the determination as varied, as the case may be. (5) Notwithstanding subsection (2), where an amount of a levy imposed under a provision of a law of a participating State or participating Territory that corresponds with this section was payable in respect of a transaction and has been paid, an amount of a levy imposed under this section is not payable in respect of the transaction. (6) In this section, reportable transaction means a sale or purchase of securities by a person or partnership, where, as at the time when the agreement for the sale or purchase is made:

(a) the sale or purchase is a reportable transaction as defined in subsection 122AA(1); and

(b) the person or partnership is a member organisation of a participating exchange and is carrying on in the Territory a business of dealing in securities.