36JDisciplinary proceedings in respect of past conduct of nominated exchange members

##### 36J Disciplinary proceedings in respect of past conduct of nominated exchange members (1) In this section, unless the contrary intention appears: > AASE exchange means: (a) the nominated exchange; or (b) a body corporate that is the nominated exchange for the purposes of the provisions of a law of a participating State or participating Territory that correspond with this Part. > applied rules means the former rules as they have effect by virtue of this section. > corresponding provision means a provision of a law of a participating State or participating Territory that corresponds with this section. > disciplinary proceeding means: (a) a proceeding that was begun under the former rules and might, if this Part had not been enacted, have resulted in the disciplining of a member for past conduct; (b) a proceeding that is begun under the applied rules and may result in the disciplining of a member for past conduct; (c) an appeal begun under the former rules, or the applied rules, from a proceeding of the kind referred to in paragraph (a); (d) an appeal begun under the applied rules from a proceeding of a kind referred to in paragraph (b); or (e) a proceeding in a court, whenever begun, arising out of, or otherwise connected with, a proceeding or appeal of a kind referred to in paragraph (a), (b), (c) or (d). > disciplining, in relation to a member, includes expulsion from, or suspension of, membership of the nominated exchange or the Exchange. > former rules means the nominated exchange’s business rules as in force at any time before the relevant commencement. > member means a person who is or has been: (a) a member of the nominated exchange; or (b) under an obligation to comply with, observe, enforce, or give effect to, the former rules. > past conduct means an act done, or omitted to be done, before the relevant commencement. > relevant time means the time immediately before the relevant commencement. (2) This section has effect notwithstanding section 36F. (3) The former rules continue after the relevant commencement to have in relation to past conduct the effect that, at the relevant time, they had in relation to that past conduct. (4) For the purposes of a disciplinary proceeding begun before the relevant commencement, the former rules continue after that commencement to have the effect that, at the relevant time, they had for the purposes of that disciplinary proceeding. (5) For the purposes of a disciplinary proceeding begun after the relevant commencement, the former rules have the effect that, if that disciplinary proceeding had begun at the relevant time, they would have had at that time for the purposes of that disciplinary proceeding. (6) The former rules have effect by virtue of subsections (3), (4) and (5): (a) subject to paragraph (b) of this subsection, as if a reference in the former rules to the nominated exchange or to an AASE exchange were, except in relation to a time before the relevant commencement, a reference to the Exchange; (b) as if a reference in the former rules to the former rules, or to a provision of the former rules, were, except in relation to a time before that commencement, a reference to the former rules as they have effect, or to that provision as it has effect, as the case may be, by virtue of this section; and (c) with such other modifications as the circumstances require. (7) The applied rules within the meaning of this section or of a corresponding provision bind an eligible person to the same extent, and in the same manner, as if they were contained in the Exchange’s business rules. (8) In subsection (7), eligible person means the Exchange or a person who is or has been: (a) a member of the Exchange; or (b) under an obligation to comply with, observe, enforce, or give effect to, the Exchange’s business rules. (9) Without limiting the generality of subsection (7), section 42 applies in relation to the applied rules within the meaning of this section or of a corresponding provision as if they were contained in the Exchange’s business rules. (10) At the relevant commencement, the Exchange is substituted for the nominated exchange as a party to each disciplinary proceeding. (11) As from the relevant commencement, the Exchange has, subject to this section, the same rights in a disciplinary proceeding as the party for which it was substituted by virtue of subsection (10). (12) Where: (a) under an AASE exchange’s business rules as in force at any time before the relevant commencement, a person was: (i) suspended for a specified period from some or all of the rights of membership of that AASE exchange; or (ii) prohibited for a specified period from transacting business with or through a member or member organisation of an AASE exchange; and (b) as at that commencement, the specified period has not ended; then, as from that commencement: (c) the person is, throughout the remainder of the specified period, suspended from the corresponding rights of membership of the Exchange, or prohibited from transacting business with or through a member or member organisation of the Exchange, as the case may be; and (d) the suspension or prohibition referred to in paragraph (c) is subject to the terms and conditions (if any), with such modifications as the circumstances require, to which the suspension or prohibition referred to in paragraph (a) was subject immediately before the relevant commencement.