Commonwealth Consolidated Regulations

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Clearing requirements--prescribed facilities

             (1)  This regulation is made for paragraph 901A(7)(b) of the Act.

             (2)  Each facility in the following list is prescribed in relation to all derivatives:

                     (a)  CME Clearing Europe Limited;

                     (b)  Eurex Clearing AG;

                     (c)  Japan Securities Clearing Corporation;

                     (d)  NASDAQ OMX Clearing AB;

                     (e)  OTC Clearing Hong Kong Limited.

             (3)  A facility determined by ASIC for the purposes of this subregulation is prescribed in relation to the class of derivatives specified in the determination.

             (4)  ASIC may, by notifiable instrument, determine a facility for the purposes of subregulation (3) in relation to a specified class of derivatives, but only if ASIC is satisfied that:

                     (a)  the facility's principal place of business is located in a foreign country; and

                     (b)  the facility is authorised to operate as a central counterparty for the specified class of derivatives in that country; and

                     (c)  the regulatory regime in the facility's principal place of business has substantially implemented the CPSS-IOSCO Principles applicable to the regulation of central counterparties; and

                     (d)  adequate arrangements exist for ASIC and the Reserve Bank of Australia to have access to information about the level of clearing activity by participants that are incorporated or formed in Australia, in relation to derivatives that are subject to clearing requirements under the derivative transaction rules.

             (6)  In this regulation:

CPSS-IOSCO Principles means the principles for financial market infrastructures:

                     (a)  issued in April 2012 by the Committee on Payment and Settlement Systems (the CPSS) and the International Organization of Securities Commissions (the IOSCO); and

                     (b)  as supplemented, superseded or modified from time to time by principles, recommendations or standards issued by the CPSS or IOSCO (or a successor of the CPSS or IOSCO).

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