You completely off the track mate.ASX and NSX are market...

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centro11

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19/09/20

20:13

Post #: 47476721
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Originally posted by Scott th Ratbag: ↑

"Listed below are the domestic financial markets that have been licensed to operate in Australia by the Minister in accordance with Chapter 7 of the Corporations Act.

"A risk-based, two-tiered market licensing regime was introduced in May 2018. An operator of a tier 1 market is generally subject to all of the regulatory obligations as a market licensee, whereas an operator of a tier 2 market is subject to a tailored subset of these obligations." https://www.asic.gov.au/regulatory-resources/markets/market-structure/licensed-and-exempt-markets/licensed-domestic-financial-markets-operating-in-australia/

After this the list includes NSX as well as ASX in Tier 1. I'm uncertain if I have the correct reference here. However ISX is not listed as either Tier 1 or 2.

The reference to 793C of the Corporations Act (1)(d)

(1) If a person who is under an obligation to comply with or enforce any of a licensed market's operating rules fails to meet that obligation, an application to the Court may be made by:
(a) ASIC; or
(b) the licensee; or
(c) the operator of a clearing and settlement facility with which the licensee has clearing and settlement arrangements; or (d) a person aggrieved by the failure.http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s793c.html

So the Asx describing itself as "the aggrieved person" seems to suggest that if ASX did not effect suspension, the ASX would be "aggrieved".

Does this then mean that, even though ISX is not listed as a Tier 1 licences operator in The Australian market, had ASX not suspended ISX then ASX would have been adversely impacted by ISX continued operations? My interpretation of this is that ASX would have damaged its reputation if it had not suspended ISX.

Is this a reasonable understanding? I'll certainly be happy to stand corrected as this, imo, demonstrates that a) ASX have mis-applied this reg to a co. that is not listed as a Tier 1 co., and b) that ASX suspended ISX because of a fear that allowing ISX to trade would damage ASX in some manner and thus they would be "aggrieved"

cheers, Scott.

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You completely off the track mate.

ASX and NSX are market operator.
ISX is not a market operator so no tier.

You quoted the reference completely wrong.

The case would have arisen if ASX didn’t enforce the listing rules per se not suspending the ISX (If ASX suspects ISX has breached the listing rules), then (a) to (d) above may make an application to court to demand ASX enforce the listing rules that is ‘suspend the ISX from the official quotation’.

ISX Price at posting: $1.07 Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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