15. Establishment, etc., of stock markets
Feedback & supportNo person shall establish or maintain or assist in establishing or maintaining or hold himself out as providing or maintaining a stock market that is neither a stock market of a securities exchange nor an exempt stock market.
stock market
“stock market” means a market, or other place at which, or a facility by means of which —(a)offers to sell, purchase or exchange securities are regularly made or accepted;(b)offers or invitations are regularly made, being offers or invitations that are intended, or may reasonably be expected, to result, whether directly or indirectly, in the making or acceptance of offers to sell, purchase or exchange securities; or(c)information is regularly provided concerning the prices at which, or the consideration for which, particular persons, or particular classes of persons, propose, or may reasonably be expected, to sell, purchase or exchange securities;
The Minister may, by notice in writing, declare that a specified stock market, or a stock market included in a specified class of stock markets, is, subject to any specified conditions, an exempt stock market for the purposes of this Act.
exempt stock market
“exempt stock market” means a stock market in relation to which, or a stock market included in a class of stock markets, being a class in relation to which, a declaration under section 15(2) is in force;
Without limiting the matters to which the Minister may have regard in considering whether to vary or revoke a declaration in force under subsection (2), the Minister may, in so considering, have regard to a breach of a condition specified in the declaration.
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and in the case of a second or subsequent conviction to a further fine not exceeding $30,000.