APX in limbo
Plans forthe launch of the much-anticipated Australian Property Exchange (APX) are once again in limbo with the Australian Securities and Investments Commission (ASIC) refusing to provide a firm date as to when it would give the venture the go-ahead.
An ASIC spokesperson would not comment on when a decision would be made or whether the APX application would be approved or rejected.
APX made an application to ASIC to run an exchange in October 2000, but that proposal has been modified a number of times.
Recently ASIC sought public submissions on whether it should grant approval to the exchange.
The public submissions closed on February 21, but ASIC toldMoney Managementit could not release information on the number it had received, as this figure was confidential.
“APX is continuing to address the issues ASIC has raised with them,” was all the ASIC spokesperson would say regarding the application.
APX would not comment on its application or what had been raised in the public submissions.
Money Managementunderstands APX has been dealing with the ASIC concerns and all that is holding up the start of the exchange is the final approval.
Presently, APX is jointly owned by the Austock Group and MCS. It is proposed 70 per cent of the equity in the group will be held by SEAT shareholders, brokers and investors, with the two founding companies owning the rest.
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