122FCLevy by participating exchange on members or member organisations

##### 122FC Levy by participating exchange on members or member organisations (1) A participating exchange on which a levy has been imposed under section 122FB may impose on members, or on member organisations, of the participating exchange who or that carry on in the Territory businesses of dealing in securities a levy for payment towards the first‑mentioned levy. (2) A levy imposed under this section by a participating exchange is payable: (a) by a member, or member organisation, as the case requires, of the participating exchange who or that, as at the time when the levy is imposed: (i) carries on in the Territory a business of dealing in securities; and (ii) is included in a class, or in any of 2 or more classes, of members, or of member organisations, of the participating exchange determined in writing by the participating exchange for the purposes of the levy; and (b) at a rate or rates determined in writing by the participating exchange for the purposes of the levy. (3) A participating exchange may determine under subsection (2) different rates of levy in respect of different classes of members, or different classes of member organisations, of the participating exchange. (4) The amount of a levy imposed by a participating exchange under this section shall be paid to the participating exchange within the period, and in the manner, specified in writing by the participating exchange either generally or in relation to particular members, particular classes of members, particular member organisations, or particular classes of member organisations, of the participating exchange. (5) Notwithstanding subsections (2) and (4), where an amount of a levy imposed: (a) by a participating exchange; (b) under a provision of a law of a participating State or participating Territory that corresponds with this section; and (c) for payment towards a levy imposed under section 122FB; was payable by a member, or member organisation, of the participating exchange and has been paid, an amount of a levy imposed under this section by the participating exchange for payment towards the levy referred to in paragraph (c) of this subsection is not payable by the member or member organisation. (6) A participating exchange shall pay an amount paid to it by way of levy under this section in payment of the levy imposed under section 122FB.