Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5A.65

Circumstances in which clearing requirements can be imposed

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

             (2)  The derivative transaction rules can only impose clearing requirements in relation to a derivative transaction on an entity that is an Australian clearing entity in relation to the transaction if the other party to the transaction is:

                     (a)  an Australian clearing entity in relation to the transaction; or

                     (b)  a foreign clearing entity in relation to the transaction; or

                     (c)  a foreign internationally active dealer.

             (3)  The derivative transaction rules can only impose clearing requirements in relation to a derivative transaction on an entity that is a foreign clearing entity in relation to the transaction if the other party to the transaction is:

                     (a)  an Australian clearing entity in relation to the transaction; or

                     (b)  a foreign clearing entity in relation to the transaction; or

                     (c)  a foreign internationally active dealer.

             (4)  In this regulation:

foreign internationally active dealer means any foreign entity, other than a foreign clearing entity, that is registered or provisionally registered as:

                     (a)  a swap dealer with the Commodity Futures Trading Commission of the United States of America; or

                     (b)  a securities-based swap dealer with the Securities and Exchange Commission of the United States of America.



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