GreenX Corp. had been approved by the Labuan Financial Services Authority to establish an Exchange under Part IX of the Labuan Financial Services and Securities Act 2010 (“LFSSA”), pursuant to Section 134 of the LFSSA.
GreenX Corp. which is an exchange established under section 134 may make rules which provide for—
-
(a)the conditions and administration of licences issued by such exchange and for the regulation generally of the conduct of trading agents and listing sponsors in connection with the business of such exchange;
-
(b)the financial, accounting, record-keeping, disclosure and capital adequacy requirements applicable to trading agents and listing sponsors;
-
(c)the conditions under which securities may be listed for trading in the securities market proposed to be operated by such exchange;
-
(d)the conditions governing dealings in securities by trading agents and listing sponsors;
-
(e)the class or classes of securities that may be dealt in by trading agents and listing sponsors or listed in such exchange;
-
(f)confidentiality with respect to information relating to the affairs of such exchange and of any trading agent or listing sponsor in connection with the business of such exchange;
-
(g)the arbitration of disputes arising out of or in connection with any securities market operated by such exchange;
-
(h)the suspension of trading in and the delisting of any security listed on such exchange;
-
(i)the carrying on of the business of such exchange with due regard to the interests of the public;
-
(j)a fair and independent market for the listing and trading of securities; and
-
(k)such other matters as the exchange deems necessary or desirable for the proper and efficient regulation, management and control of such exchange and the securities market operated by it.
Pursuant to Section 137 of LFSSA, GreenX shall have regulatory functions and shall—
-
(a)ensure that it adequately supervises the market operations and the conduct of market participants;
-
(b)ensure the adequacy and efficiency of internal controls;
-
(c)ensure market participants follow capital adequacy rules;
-
(d)investigate misconduct or apparent misconduct by market participants and their representatives that could seriously affect investors or other participating organisations and promptly report to the Authority on these instances of misconduct;
-
(e)investigate possible market abuses, including insider dealing and fraudulent behaviour; and
-
(f)take disciplinary measures or agree to a settlement after a public hearing.
