Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.3.10

Information

                   For paragraph 824A(1)(a) of the Act, the following information is required as part of an application by the body corporate for an Australian CS facility licence:

                     (a)  the body corporate's name, address and contact details;

                     (b)  the name, address and contact details of any person who will act on behalf of the body corporate in relation to the application;

                     (c)  details of the body corporate's major shareholders and organisation, including:

                              (i)  the name, address and contact details of each director; and

                             (ii)  the name, address and contact details of each secretary; and

                            (iii)  the name, address and contact details of each executive officer of the body corporate; and

                            (iv)  whether any director, secretary or executive officer is, or has been, disqualified from managing a corporation under a law of this jurisdiction or another jurisdiction;

                     (d)  a description of the body corporate's business or functions, other than the operation of the clearing and settlement facility;

                     (e)  the services in respect of which the Australian CS facility licence is sought, including details of:

                              (i)  the financial products for which clearing and settlement facilities are to be provided; and

                             (ii)  the nature of each interest in a financial product that is to be transferred using the clearing and settlement facility; and

                            (iii)  the mechanisms to be used by the body corporate to operate the clearing and settlement facility, including (if applicable) arrangements to limit the risk of default by a party to a transaction;

                      (f)  whether the body corporate has applied, or intends to apply, to become a prescribed CS facility under section 761A of the Act;

                     (g)  details of the technological resources that will be used in the operation of the clearing and settlement facility, including details of:

                              (i)  the purpose of the resources; and

                             (ii)  how the resources are to be supplied, managed, maintained and upgraded; and

                            (iii)  how the security of information technology systems is to be protected;

                     (h)  details of the arrangements for dealing with conflicts between the body corporate's commercial interests and its obligations to supervise and monitor the clearing and settlement facility;

                      (i)  details of the arrangements for the supervision of employees of the body corporate who have duties and responsibilities of a kind that supervision of the employees is necessary to protect the integrity of the operation of the clearing and settlement facility;

                      (j)  details of the arrangements for managing counterparty risk, including the risks arising from a counterparty being unable to meet its obligations arising out of clearing, settlement or clearing and settlement transactions using the facility;

                     (k)  if the ACCC has made a decision in relation to the clearing and settlement facility that the body corporate will operate--details of the decision.

Example of interests in a financial product:    Legal title or an equitable interest.

Example of mechanisms to operate the clearing and settlement facility:

1                 The way in which transfers are to be effected.

2                 The way in which payment obligations are to be settled.



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