THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.2A - THE SECURITIES CLEARING HOUSE

SECTION 779C   COMMISSION TO BE NOTIFIED OF AMENDMENTS OF BUSINESS RULES  

779C(1)  [Notice to Commission]  

As soon as practicable after the SCH business rules are amended (whether by way of rescission, alteration or addition), the securities clearing house must give written notice of the amendment to the Commission.

779C(2)  [Contents of notice]  

A notice must:

(a)  set out the text of the amendment; and

(b)  specify the day on which the amendment was made; and

(c)  explain the purpose of the amendment.

779C(3)  [If notice not given within 21 days]  

If a notice is not given as required within 21 days after an amendment is made, the amendment ceases to have effect.

779C(4)  [Commission to send copy of notice to Minister]  

The Commission must send a copy of a notice to the Minister as soon as practicable after receiving it.

779C(5)  [Disallowance of amendment]  

The Minister may, within 28 days after the Commission receives a notice, disallow the whole or a specified part of the amendment to which the notice relates.

779C(6)  [Notice of disallowance]  

If the Minister disallows the whole or a part of an amendment, the Commission must, as soon as practicable, give notice of the disallowance to the securities clearing house and, when the securities clearing house receives the notice, the amendment ceases to have effect to the extent of the disallowance.