Withdrawal of recognition of a stock exchange for systemic governance, risk and settlement failures, triggering asset and member consequences. Withdrawal of recognition rests on pervasive non-compliance with regulatory obligations, governance failures and operational inactivity: failure to establish an approved Settlement Guarantee Fund, deficient appointment and empowerment of executive management for the exchange and its subsidiary, absence or untested status of T+2 rolling settlement and related trading software, inadequate supervision and half-yearly inspection of the subsidiary, insufficient recovery of member and listing dues, and material breaches of financial delegation and member discipline norms undermining settlement integrity and investor protection.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withdrawal of recognition of a stock exchange for systemic governance, risk and settlement failures, triggering asset and member consequences.
Withdrawal of recognition rests on pervasive non-compliance with regulatory obligations, governance failures and operational inactivity: failure to establish an approved Settlement Guarantee Fund, deficient appointment and empowerment of executive management for the exchange and its subsidiary, absence or untested status of T+2 rolling settlement and related trading software, inadequate supervision and half-yearly inspection of the subsidiary, insufficient recovery of member and listing dues, and material breaches of financial delegation and member discipline norms undermining settlement integrity and investor protection.
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