Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.