s 7 Commission to approve amendment to rules of central depository
(1) If a central depository proposes to make amendments to its rules, the central depository shall submit to the Commission— (a) the text of the proposed amendment; and (b) an explanation of the purpose of the proposed amendment. (2) The Commission shall, within six weeks after the receipt of the submission of any proposed amendments under subsection (1), give notice in writing to the central depository that it approves, or disapproves of the proposed amendments, or any part of the proposed amendments, as the case may be. (3) No amendment to the rules of a central depository shall have effect unless they have been approved in writing by the Commission under subsection (2). (4) The Commission may, by a notice in writing, declare any class of rules of a central depository to be a class of rules whose amendments do not require the approval of the Commission under subsection (2), and accordingly any amendments to the rules of that central depository which belong to that class shall, subject to subsection (6), have effect notwithstanding that they have not been so approved under subsection (2). (5) Where the Commission is of the view that any amendment to the rules of the central depository made under subsection (4) does not fall within the class of rules declared by the Commission under that subsection as not requiring its approval, the Commission may, after consultation with the central depository, require the central depository to submit such rule or amendment, as the case may be, for its approval under subsection (2). (6) Any rule made or amended by the central depository which is the subject of a requirement made by the Commission under subsection (5) shall cease to have effect from the date of the Commission making such requirement or such later date as the Commission may determine: Provided that this subsection shall not have effect until a reasonable time has been given to the central depository to notify the persons affected by such rule or amendment. (7) Notwithstanding the provision of this section, the Commission may from time to time after consultation with a central depository, by a written notice require a central depository— (a) to make such rules, and within such period as may be specified in the notice; or (b) to amend such rules, in such manner and within such period as may be specified in the notice. (8) A central depository which fails to comply with subsection (1) or which fails to comply with a requirement or written notice made under subsection (5) or (7) respectively shall be guilty of an offence.