Regulatory Alerts2025-05-19
Added · Updated
Capital Markets Tribunal – Xylem Trading Pty Ltd Vs SEC – 2021-CMT-A-001
The Capital Markets Tribunal grants Xylem Trading Pty Ltd permission to commence an appeal out of time against the Securities and Exchange Commission's decision to withhold approval for further market announcements regarding its acquisition of Madison Financial Services PLC. The Registrar determines that the Commission's refusal constitutes an appealable decision under the Securities Act and that Xylem qualifies as an aggrieved person with standing to appeal despite not being the direct addressee of the notice. The application for leave to appeal late is approved because the delay was caused by the absence of promulgated Tribunal rules rather than applicant misconduct, and the application was filed promptly after the rules were published.