Section 45
Substitution of section 379
of Capital Markets and Services (Amendment) Act 2015
The principal Act is amended by substituting for section 379
the following section:
“Settlement of disputes
Quoted provision
Section 379
The Commission may approve a body corporate to be an approved body corporate for the settlement of disputes in connection with capital market services or products.
(2)
An application for approval under subsection (1) shall be made to the Commission in such form and manner as may be specified by the Commission.
(3)
Notwithstanding any other written law, the approved body corporate shall put in place rules relating to—
(a)
the proper administration of the body corporate as a dispute resolution body; and
(b)
the scope, application, operations and procedures of the dispute resolution.
(4)
The body corporate shall, as soon as practicable, submit or cause to be submitted to the Commission for its approval any proposed rules or any proposed amendments to existing rules.
(5)
The Commission may issue regulations under section 378
in relation to an approved body corporate or make provisions for the settlement of disputes in connection with capital market services or products.”.