I move amendment No, 34:
In page 29, subsection (6) (a), line 7, after "is" to insert "or was".
This is purely a drafting amendment. It ensures that a member firm of the Stock Exchange whose authorisation has been revoked will continue to be bound by the rules of the stock exchange of which it was a member firm.
Why is the time period so short? Is there a reason for this? Six months seems a short time.
Six months is a short time when looking at a calendar, but in view of the fact that the firms are currently trading and operating and have an obvious proven competence in this area and that we need to get the final composition of the Exchange in place as soon as possible, it was felt that we should put a definitive period of six months on it. It is a fair time in view of the fact that all the companies are up and running.
Does that take effect from the date of the passing of this Bill?
It is six months from the date of its authorisation.
