Clause 29

A corporation may apply to the Authority for approval to be an exchange holding company in such form and manner as the Authority may prescribe.

The application shall be accompanied by the prescribed fee.

The Authority may require a corporation to provide the Authority with such further information as it considers necessary in relation to the application in such form or verified in such manner as the Authority may direct.

The Authority may, by notice in writing, subject to such conditions or restrictions as it may think fit to impose, approve a corporation as an exchange holding company if the Authority is satisfied that it would not be contrary to the interests of the investing public to approve the application.

The Authority may impose different conditions or restrictions or give different directions with respect to different applications for approval as an exchange holding company.

An applicant that is aggrieved by the refusal of the Authority to grant an approval under subsection (4) may, within 30 days after it is notified of the decision, appeal to the Minister whose decision shall be final.

An exchange holding company which contravenes any of the conditions or restrictions imposed under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.