(1A) A reference in this section to trading in securities on a stock market is a reference to trading in securities on a stock market, whether in this jurisdiction or elsewhere. (1) Where ASIC forms the opinion that it is necessary to prohibit trading in particular securities of a body corporate on a stock market of a securities exchange in order to protect persons buying or selling the securities or in the interests of the public, ASIC may give written notice to the securities exchange stating that it has formed that opinion and setting out the reasons for that opinion. (2) If, after receiving the notice, the securities exchange does not take action to prevent trading in the securities on a stock market of the securities exchange and ASIC is still of the opinion that it is necessary to prohibit trading in the securities on such a stock market, ASIC may, by written notice to the securities exchange, prohibit trading in the securities on such a stock market during a period of not more than 21 days. (3) Where ASIC gives a notice to a securities exchange under subsection (2), ASIC must:

(a)

at the same time send a copy of the notice to the body corporate together with a statement setting out the reasons for the giving of the notice; and

(b)

as soon as practicable give to the Minister a written report setting out the reasons for the giving of the notice and send a copy of the report to the securities exchange.

(4) The body corporate may request ASIC in writing to refer the matter to the Minister. (5) Where a request is made under subsection (4), ASIC must immediately refer the matter to the Minister, who may, if he or she thinks fit, direct ASIC to revoke the notice and, if such a direction is given, ASIC must immediately revoke the notice. (6) A securities exchange must not permit trading in securities on a stock market of the securities exchange in contravention of a notice under subsection (2).