Bill: Proposed Exchange Establishment Act

[xXLordLyonXx]

Author: Lysander Lyon, MP
Sponsor: N/A
Type: Act of Parliament

A
BILL
TO
Allow for Stock Exchanges​

Preamble: Existing legislation does not provide proper room for private stock exchanges.

1. Short Title
(a) This bill shall be referred to as the "Exchange Establishment Act".
(b) This bill was authored by Lysander Lyon.

2. Amendment
(a) The Banking Foundations Act shall be amended with the following new section. All successive sections shall be appropriately renumbered (6 becoming 7, 7 becoming 8, etc.).

6. Exchange Regulation
(a) Stock exchanges must submit an initial registration filing with the Ministry of Economic Affairs, outlining the following information:
(i) The developer of the bot used to operate the stock exchange.
(ii) The planned ownership structure of the stock exchange (private/public and the initial owners).
(iii) The stock exchange’s name and Discord server.
(b) Stock exchanges must submit a monthly report to the Ministry of Economic Affairs, with the following information:
(i) The list of employees who have access to alter or withdraw from account balances, change stock holdings, or the ability to conduct any similar financial approvals or account manipulations.
(ii)The amount of cash in customer accounts; cash on hand; any cash loaned out; and revenue and expenses.
(c) Stock exchanges shall be responsible for facilitating the buying and selling of shares, and other financial tools.
(i) They shall be allowed to list the shares of limited companies, as well as Bank of Azalea-approved investment tools created by investment banks.
(d) Stock exchanges may issue loans, only for the purposes of supporting investment in the financial tools offered by the exchange. Margin loans are an example of this.

Enactment: This Act comes into force immediately upon passage.