Central Bank Act, 1989.

Existing exchanges.

100.—(1) Within 3 months of the passing of this Act every exchange which was established before such passing (in this Chapter referred to as “an existing exchange”) shall—

(a) submit its rules to the Bank for approval, or

(b) disestablish itself.

(2) Pending a decision by the Bank to approve or not to approve of the rules of an existing exchange submitted to it under subsection (1) (a), the Bank may—

(a) subject, where appropriate, to the other provisions of this section, impose on the exchange such conditions or requirements as it considers appropriate to impose, or

(b) issue a direction under section 105 as if the existing exchange were an exchange whose rules had been approved by the Bank.

(3) Where dealings concerning securities created by the Minister could be carried on on an existing exchange to which subsection (2) relates, the Minister may direct the Bank to impose under paragraph (a) of that subsection, and the Bank shall so impose, conditions or requirements specified in his direction (being conditions or requirements which relate to such dealings and which the Minister is satisfied, after consultation with the Bank, do not constrain the prudent regulation of the exchange).

(4) The Bank shall not impose on an existing exchange by virtue of this section a condition or requirement which relates to dealings concerning securities created by the Minister unless either—

(a) subsection (3) applies to the condition or requirement, or

(b) the Bank has notified the Minister of its intention to impose the condition or requirement on the exchange.