Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1420
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1420
Character Range: 5880898–5883404

1420  Treatment of stock markets of approved securities organisations
 (1) This section applies to each stock market being operated immediately before the FSR commencement by a body corporate covered by an approval (the instrument of approval) in force immediately before the FSR commencement under subsection 770(2) of the old Corporations Act, other than a stock market to which section 1413 applies.
 (2) Subject to subsections (3) and (5), section 791A of the amended Corporations Act does not apply in relation to a stock market to which this section applies during the period (the transition period) starting on the FSR commencement and ending on whichever of the following first occurs:
 (a) the end of the period of 2 years starting on the FSR commencement;
 (b) the operator of the market is granted a licence under section 795B of the amended Corporations Act covering the operation of the market;
 (c) the Minister makes an exemption under section 791C of the amended Corporations Act covering the market;
 (d) the instrument of approval is revoked.
 (3) Subject to subsections (4) and (5), Parts 7.2 and 7.9, and any associated provisions, (the relevant old legislation) of the old Corporations Act continue to apply in relation to a stock market to which this section applies during the transition period for the market.
 (4) The instrument of approval (including any conditions specified in the instrument) for a stock market to which this section applies cannot be varied during the transition period for the market so as to cover the market providing services that were not covered by the instrument as in force immediately before the FSR commencement. However it may be varied in other ways, or revoked, by the Minister in writing.
 (5) The regulations may do all or any of the following:
 (a) provide that some or all of the relevant old legislation does not apply in relation to a stock market to which this section applies during some or all of the transition period for the market;
 (b) provide that some or all of the relevant old legislation applies in relation to a stock market to which this section applies with specified modifications during some or all of the transition period for the market;
 (c) provide that specified provisions of the amended Corporations Act (including section 791A), and any associated provisions, apply in relation to a stock market to which this section applies during some or all of the transition period for the market with specified modifications.