Section 37 Investments and Securities Act 2025

Section 37 of the Investments and Securities Act 2025 is about Revocation of certificate of a securities exchange. It is under Part V (Registration and Regulation of Securities Exchanges, Financial Market Infrastructures and other Self Regulatory Organisations) of the Act. It provides as follows:

(1) The Commission may revoke the registration granted under section 26 of this Act if the entity —
(a) ceases to operate as a securities exchange within the meaning of this
Act;
(b) is wound up;
(c) is operating in a manner detrimental to the interests of investors and the public;
(d) engages in other businesses for which it is not registered in accordance
with the provisions of this Act; or
(e) fails to comply with the terms and conditions of the registration granted by the Commission.

(2) A revocation under this section shall not be made unless the securities exchange has been given an opportunity of being heard.

(3) In revoking the certificate of registration of a securities exchange, the Commission shall state the reasons and the effective date for such revocation.

(4) The revocation made under subsection (1) shall contain such transitional provisions as the Commission may deem fit in the public interest or for the protection of investors.

(5) A securities exchange, shall not by reason of complying with such transitional provisions as may be prescribed by the Commission under subsection (4) be regarded as having contravened the provisions of this Act or the rules and regulations made under it.

(6) Revocation of registration under this section shall not operate to —
(a) avoid or affect any agreement, transaction or arrangement entered into by a securities exchange, whether such agreement, transaction or arrangement was entered into before or after the withdrawal of the registration under subsection (1); or

(b) affect any right, obligation or liability arising under such agreement, transaction or arrangement.

(7) The Commission shall publish a notice of the revocation on its website or such other medium as it deems fit.