37Establishment etc. of stock markets

##### 37 Establishment etc. of stock markets (1) A person shall not establish, maintain or provide, or assist in establishing, maintaining or providing, or hold himself out as maintaining or providing, a stock market that is neither a stock market of a securities exchange nor an exempt stock market. Penalty: $5,000 or imprisonment for 1 year, or both. (1A) The Ministerial Council may, by instrument in writing, declare that a specified stock market, or a stock market included in a specified class of stock markets, is, subject to any specified conditions, an exempt stock market for the purposes of this Act. (1B) Without limiting the matters to which the Ministerial Council may have regard in considering whether to vary or revoke a declaration in force under subsection (1A), the Ministerial Council may, in so considering, have regard to a breach of a condition specified in the declaration. (2) A person who, being the holder of a licence under a law relating to the licensing of auctioneers, conducts an auction of forfeited shares at a place at which, or by a facility by means of which, a securities exchange maintains or provides a stock market, shall not be taken to contravene this section by reason of his conducting that auction.