Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.31

Netting markets

             (1)  This regulation applies to:

                     (a)  an approved special stock market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 ; and

                     (b)  an exempt stock market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 ; and

                     (c)  an exempt futures market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 .

             (2)  On and after the FSR commencement, the market is taken to be a netting market for the purposes of that Act.

             (3)  Subregulation (2) ceases to apply to the market if the market has not become:

                     (a)  the person conducting an Australian financial services licensee; or

                     (b)  an Australian market licensee;

by the end of the transition period.

             (4)  Subregulations (2) and (3) do not prevent a market mentioned in subregulation (1) from applying for netting market approval during the transition period in relation to the market.

Note:          The transition period is explained in sections 1418 and 1421 of the Act.



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