(1) A body corporate may apply to ASIC in writing for approval by the Minister as an approved securities organisation. (2) The Minister may by writing approve the body as an approved securities organisation if, and only if, he or she is satisfied that:

(b)

the body's business rules make satisfactory provision:

(i)

for efficient, honest, fair, competitive and informed trading in securities on the stock market or stock markets of the proposed approved securities organisation; and

(ii)

for the expulsion, suspension or disciplining of a member for conduct inconsistent with just and equitable principles in the transaction of business or for a contravention of the body's business rules, of this Chapter or of the conditions of a licence held by the member; and

(iii)

for the monitoring of compliance with, and for enforcement of, the body's business rules; and

(iv)

generally for the carrying on of the business of the organisation with due regard to the interests of the public;

and, without limiting the generality of the foregoing, make satisfactory provision in relation to such of the following matters as appear to the Minister to be relevant in relation to the application:

(v)

the admission of members;

(vi)

dealings in securities by members;

(vii)

the listing of securities for trading on the stock market or stock markets of the organisation;

(viii)

trading in securities on that stock market or those stock markets;

(ix)

the clearing and settlement of dealings in securities that result from trading in securities on that stock market or those stock markets;

(x)

the quotation of securities on, and the reporting of trading in securities on, that stock market or those stock markets; and

(c)

the body has made or adopted listing rules and, where the listing rules are adopted, has made provision to the effect that an amendment of the rules so adopted made by another person is of no effect until the body adopts the amendment; and

(d)

the listing rules made or adopted by the body make satisfactory provision:

(i)

with respect to conditions under which securities may be traded on the stock market or stock markets of the organisation; and

(ii)

generally for the protection of the interests of the public; and

(e)

either the body will be a participating exchange or there will be enough money in the body's fidelity fund to make the payments out of the fund that may reasonably be expected to be necessary for the purposes of Part 7.9; and

(f)

the interests of the public will be served by the granting of its approval.