THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.2 - FUTURES EXCHANGES, CLEARING HOUSES AND FUTURES ASSOCIATIONS

Division 4 - General

SECTION 1136   COMMISSION TO BE NOTIFIED OF AMENDMENTS OF BUSINESS RULES  

1136(1)  [Notice of amendment to Commission]  

Where an amendment is made by way of rescission or alteration of, or addition to, the business rules of a futures exchange, of a clearing house for a futures exchange, or of a futures association, the futures exchange, clearing house or futures association, as the case may be, shall, forthwith after the making of the amendment, give written notice of the amendment to the Commission.

1136(2)  [Contents of notice]  

A notice under subsection (1) shall:

(a)  set out the text of the amendment to which it relates;

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

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

1136(3)  [Time limit]  

If a notice required by subsection (1) to be given in relation to an amendment is not given within 21 days after the making of the amendment, the amendment ceases to have effect.

1136(4)  [Copy of notice to Minister]  

Where the Commission receives a notice under this section, the Commission shall forthwith send a copy of the notice to the Minister.

1136(5)  [Minister may disallow whole or part of amendment]  

The Minister may, within 28 days after the receipt by the Commission of a notice under this section, disallow the whole or a specified part of the amendment to which the notice relates.

1136(6)  [Notice of disallowance]  

Where the Minister disallows under this section the whole or a part of an amendment of the business rules of a body corporate, the Commission shall forthwith give notice of the disallowance to the body corporate and, upon receipt by the body corporate of the notice of disallowance, the amendment ceases, to the extent of the disallowance, to have effect.

1136(7)  [Transition]  

If:

(a)  a notice was duly given by a futures 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 day of commencement of this Part.