interests (1) The responsible entity in relation to unquoted interests in a
registered scheme may apply to ASIC in writing for approval by the Minister of
a stock market on which the interests (whether or not they remain unquoted)
may be traded by means of an electronic trading facility.
(2) The Minister may, by writing, approve the stock market if, and only if,
the Minister is satisfied that:
- (a)
- the responsible entity's business rules
make satisfactory provision for the fair and orderly conduct of the
stock market; and
- (b)
- those business rules make satisfactory provision for a person or
partnership (the supervisor ) who or that, having regard to the regulations,
is independent and appropriately qualified, to monitor compliance, in relation
to the stock market, with the business rules; and
- (c)
- the responsible entity has made or will make, and will maintain,
satisfactory arrangements (including, for example, insurance) for meeting
liabilities of the responsible entity that arise in the course of conducting
the stock market; and
- (d)
- the stock market will not be used except for trading the interests in the
scheme (whether or not they remain unquoted) by means of the electronic
trading facility.
(3) The approval is subject to:
- (a)
- the conditions (if any) specified in the
instrument of approval; and
- (b)
- a condition that the responsible entity will comply with the requirements
(if any) of the regulations for the lodging of documents containing
information relating to the interests in the scheme; and
- (c)
- a condition that the supervisor must, if the supervisor becomes aware of a
contravention of the responsible entity's business rules, notify ASIC of the
contravention within 7 days of becoming aware of it; and
- (d)
- a condition that the supervisor must properly perform the duties that the
supervisor has under the responsible entity's business rules.
(4) The Minister may, by writing, revoke the approval if:
- (a)
- the Minister
is no longer satisfied as mentioned in subsection (2); or
- (b)
- the Minister is satisfied that a condition mentioned in
subsection (3) has been contravened; or
- (c)
- the Minister is otherwise satisfied that the approval should be revoked.
(5) In this section:
"unquoted", in relation to interests in a registered scheme, means the
interests are not included in any class of securities that are quoted on a
stock market of a securities exchange.