Authority, which approval shall be granted unless the Authority determines that the modification—
- (a) unjustly discriminates in favour of or against a market participant or a class of market participants; or
- (b) is inconsistent with the functions and duties of the Authority under section 3 (3).
(5) The market rules shall be deemed not to be subsidiary legislation.
Penalties under market rules
47. Without limiting the generality of section 46 (1), the market rules may include provisions authorising and governing the imposition of financial penalties on market participants.
Limitation of actions under market rules
48.—(1) If the market rules include a provision—
- (a) that regulates the manner in which disputes under the market rules or referred to in the market rules are to or may be resolved; and
- (b) that restricts recourse to the courts until such time as the dispute resolution process in the market rules has been exhausted,
recourse to the courts shall be limited in the manner prescribed by the market rules, including a restriction against appeals to a court except in relation to matters of law and jurisdiction.
(2) Nothing in this section is to be read or construed as—
- (a) sanctioning the absolute limitation of appeals to the courts except in relation to matters of fact; or
- (b) limiting the right of any person to seek interim injunctive relief from the courts.
Market rules have force of contract
49.—(1) The market rules have the effect of a contract between each market participant and the Market Company.
(2) Each market participant and the Market Company shall be deemed to have entered into a contract with one another under which each market participant and the Market Company severally agree to
