THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.2 - SECURITIES EXCHANGES AND STOCK MARKETS

SECTION 772B   SELF-LISTING BY SECURITIES EXCHANGES SELF-LISTING ALLOWED  

772B(1)  Self-listing allowed.  

A body corporate that is a securities exchange may be included in its own official list.

772B(2)  Quotation of securities of securities exchange on its own stock market  

Securities of a securities exchange may be granted quotation on a stock market of the exchange if the exchange has entered into such arrangements as the Commission requires:

(a)  for dealing with possible conflicts of interest that might arise from the quotation of securities of the exchange on a stock market of the exchange; and

(b)  for the purpose of ensuring the integrity of trading in securities of the exchange.

The exchange must comply with the arrangements.

772B(3)  [Fees]  

An arrangement under subsection (2) may provide for the exchange to pay fees to the Commission (on behalf of the Commonwealth) for services provided by the Commission under the arrangement, or otherwise provided under, or for the purposes of, this section. The fees may be recovered by the Commission as a debt due to the Commonwealth.

772B(4)  [Decision making powers of Commission]  

The listing rules of a self-listing exchange must provide for the Commission, instead of the exchange, to make decisions and to take action (or require the exchange to take action on the Commission's behalf) on the following matters:

(a)  the admission of the exchange to its own official list;

(b)  the removal of the exchange from its own official list;

(c)  granting, stopping or suspending the quotation of securities of the exchange on a stock market of the exchange.

772B(5)  Powers and functions of Commission  

The Commission has such powers and functions as are provided for it in arrangements made for the purposes of subsection (2) or in listing rules made for the purposes of subsection (4).

Note:

Under section 776, the Commission may require a securities exchange to provide assistance to the Commission for the performance of the Commission's functions.

772B(6)  Exemptions and modifications for self-listing exchanges  

The Commission may:

(a)  exempt a self-listing exchange from a modifiable provision; or

(b)  declare that a modifiable provision applies to a self-listing exchange as if specified provisions were omitted, modified or varied as specified in the declaration.

772B(7)  [Publication in Gazette ]  

An exemption or declaration under subsection (6) must be in writing and the Commission must publish notice of it in the Gazette.

772B(8)  [Conditional exemptions]  

An exemption under subsection (6) may apply unconditionally or subject to specified conditions.

772B(9)  [Compliance with conditions]  

If a self-listing exchange is subject to conditions under subsection (8), it must comply with those conditions.

772B(10)  [Court may order compliance]  

The Court, on application by the Commission, may order a self-listing exchange to comply with a condition in a specified way.

772B(11)  Definitions  

In this section:

``modifiable provision'' means:

(a)  section 235 and any of the provisions of Chapters 6 and 7; or

(b)  regulations made for the purposes of any provision covered by paragraph (a).

``self-listing exchange'' means a securities exchange whose securities have been granted quotation on a stock market of the exchange.