THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.2 - SECURITIES EXCHANGES AND STOCK MARKETS

SECTION 774   COMMISSION TO BE NOTIFIED OF AMENDMENTS TO RULES  

774(1)  [Written notice to be lodged]  

As soon as practicable after:

(a)  an amendment is made, by way of rescission, alteration or addition, to the business rules of a securities exchange; or

(b)  a securities exchange makes or adopts an amendment, by way of rescission, alteration or addition, to its listing rules;

the securities exchange shall lodge written notice of the amendment.

774(2)  [Contents of notice]  

The notice shall:

(a)  set out the text of the amendment;

(b)  specify the date on which the amendment was made or adopted; and

(c)  contain an explanation of the purpose of the amendment.

774(3)  [Effect of failure to notify]  

If no notice is lodged under subsection (1) within 21 days after the amendment is made or adopted, the amendment ceases to have effect.

774(4)  [Commission to notify Minister]  

As soon as practicable after receiving a notice, the Commission shall send a copy to the Minister.

774(5)  [Minister may disallow amendment]  

Within 28 days after the receipt of a notice by the Commission under subsection (4), the Minister may disallow the whole or a specified part of the amendment to which the notice relates.

774(6)  [Commission to notify disallowance]  

As soon as practicable after the whole or a part of an amendment is disallowed under subsection (5), the Commission shall give notice of the disallowance to the securities exchange and, upon receipt by the securities exchange of the notice, the amendment, to the extent of the disallowance, ceases to have effect.

774(7)  [Notice previously given to NCSC]  

If:

(a)  a notice was duly given by a securities exchange to the NCSC before the commencement of this Part under a previous law corresponding to this section;

(b)  a period of 28 days after the receipt of the notice by the NCSC had not elapsed before that commencement; and

(c)  the Ministerial Council had not before that commencement disallowed the whole or a part of the amendment to which the notice related;

this section (other than paragraph (2)(b)) applies as if the amendment had been made or adopted, as the case may be on the date of commencement of this Part.