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Approval of rules by Bank, conditions, etc.
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101.—(1) (a) Where the Bank approves the rules of an existing exchange or for a proposed exchange, it may—
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(i) make its approval subject to conditions or requirements, and
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(ii) at any time after approval, impose conditions or requirements on the exchange or amend or revoke any condition or requirement to which this subsection relates, whether or not previously amended by virtue of this subparagraph.
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(b) Every condition or requirement imposed to which this subsection relates and every amendment thereto or revocation thereof shall be as the Bank sees fit to impose, amend or revoke in the interest of the prudent regulation of the exchange concerned and every such condition or requirement may be imposed on either or both—
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(i) that exchange, and
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(ii) the members of that exchange (either collectively or individually).
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(c) In respect of any condition or requirement to which paragraph (a) (ii) relates, a condition or requirement shall not be imposed, amended or revoked until—
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(i) the Bank has notified the exchange concerned of its intention to so impose, amend or revoke, and
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(ii) the Bank has heard any representations made by that exchange or any member thereof within such time limit as the Bank may specify when notifying the exchange.
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(d) Where dealings concerning securities created by the Minister could be carried on on an exchange, any condition or requirement which relates to such dealings shall not be imposed by virtue of this subsection unless the Bank has notified the Minister of its intention to so impose.
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(2) (a) Where—
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(i) the Bank intends to approve the rules of an existing exchange or for a proposed exchange, and
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(ii) dealings concerning securities created by the Minister could be carried on on the exchange,
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the Minister may direct the Bank to make its approval subject to the imposition by it of 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) and, accordingly, the Bank shall make its approval subject to every condition or requirement so specified.
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(b) At any time after the approval of the rules of an existing exchange or for a proposed exchange, the Minister may, in respect of dealings concerning securities created by him, direct the Bank to impose conditions or requirements on the exchange (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) or amend or revoke any condition or requirement to which this subsection relates, whether or not previously amended by virtue of this paragraph and, accordingly, the Bank shall so impose, amend or revoke the condition or requirement.
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(3) The approval by the Bank of the rules of or for an exchange shall not constitute a warranty as to the solvency of the exchange or of any member of the exchange and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of the exchange or any of its members.
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(4) An application for approval of the rules of an existing exchange or for a proposed exchange shall be in such form and contain such particulars as the Bank may from time to time determine.
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