(1) A body corporate may apply to ASIC in writing for approval by the Minister as a stock exchange. (2) The Minister may by writing approve the body as a stock exchange if, and only if, he or she is satisfied that:

(b)

the body's business rules make satisfactory provision:

(i)

for the standards of training and experience, and other qualifications, for membership; and

(ii)

for the exclusion from membership of:

(A) any person who is not of good character and high business integrity; and (B) any body corporate where a director of the body corporate, a person concerned in the management of the body corporate or a person who has control, or substantial control, of the body corporate is not of good character and high integrity; and

(iii)

for the expulsion, suspension or disciplining of a member for conduct inconsistent with just and equitable principles in the transaction of business or for a contravention of the body's business rules, of this Chapter or of the conditions of a licence held by the member; and

(iv)

for the monitoring of compliance with, and for enforcement of, the body's business rules; and

(v)

with respect to the conditions under which securities may be listed for trading on the stock market of the proposed stock exchange; and

(vi)

with respect to the conditions governing dealings in securities by members; and

(vii)

with respect to the class or classes of securities that may be dealt with by members; and

(viii)

generally for the carrying on of the business of the proposed stock exchange with due regard to the interests of the public; and

(c)

the body has made or adopted listing rules and, where the listing rules are adopted, has made provision to the effect that an amendment to the rules so adopted made by another person is of no effect until the body adopts the amendment; and

(d)

the listing rules made or adopted by the body make satisfactory provision:

(i)

with respect to conditions under which securities may be traded on the stock market of the proposed stock exchange; and

(ii)

generally for the protection of the interests of the public; and

(e)

either the body will be a participating exchange or there will be enough money in the body's fidelity fund to make the payments out of the fund that may reasonably be expected to be necessary for the purposes of Part 7.9; and

(f)

the interests of the public will be served by the granting of its approval.