Sec. 4005.058. SUSPENSION OF EXEMPT STATUS OF TRADING SYSTEM. (a) The commissioner, by the same procedures described by Section 4005.105, may at any time suspend the exempt status of any trading system exempted by the legislature on or after January 1, 1989, if at the time of the hearing the trading system does not meet the applicable standards for approval of exchanges provided by this title.
(b) The suspension of a trading system under Subsection (a) has the same effect as the withdrawal of approval of a stock exchange under Section 4005.105.
(c) The suspension under Subsection (a) remains in effect until the commissioner by order determines that the trading system:
(1) has corrected each deficiency on which the suspension was based; and
(2) maintains standards and procedures that provide reasonable protection to the public.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Structure Texas Statutes
Subchapter B. Exempt Securities
Section 4005.051. Scope of Exemption
Section 4005.052. Railroads or Utilities
Section 4005.053. Nonprofit Corporations
Section 4005.054. Listed Securities
Section 4005.055. Commercial Paper
Section 4005.056. Secured Debt
Section 4005.057. Nonprofit Debt
Section 4005.058. Suspension of Exempt Status of Trading System