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(1) The Commission may, where it appears to be in the public interest, issue a directive to a securities exchange

(a) with respect to trading on or through the facilities of that securities exchange or with respect to a security traded on that securities exchange;

(b) with respect to the manner in which a securities exchange carries on its business, including the manner of reporting off-market trading; or

(c) with respect to any other matters which the Commission considers necessary for the effective administration of this Act and the securities exchange shall comply with the directives.

(2) A securities exchange which, without reasonable excuse, fails or refuses to comply with a directive given under subsection (1), is liable to pay to the Commission an administrative penalty of five hundred penalty units and to a further administrative penalty of fifty penalty units for each day that the default continues.

(3) Where the Commission is satisfied that an executive officer of a securities exchange

(a) has wilfully contravened a provision of this Act or any Regulations made under it or the rules of a securities exchange; or

(b) has without reasonable justification or excuse, failed to enforce compliance with that provision by a member of the securities exchange or a person associated with that member, the Commission may, in the public interest or for die protection of the investors, and after giving die executive officer an opportunity of being heard, direct by notice in writing die securities exchange to remove from office or employment the executive officer, and die securities exchange shall comply with the directive; or die Commission may instead censure the executive officer.