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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1131

Approval of clearing house

(1) A body corporate that proposes to provide clearing house facilities for a futures market of a futures exchange may apply to ASIC in writing for approval by the Minister as a clearing house for that futures exchange. (2) Where a body applies under subsection (1), the Minister may by writing approve the body as a clearing house for the futures exchange if, and only if, he or she is satisfied that:

the body's business rules are satisfactory, in particular such of those business rules as relate to the registration of futures contracts made on a futures market of the futures exchange; and

the body's business rules make satisfactory provision for the expulsion, suspension or disciplining of members for a contravention of the business rules or for a contravention of this Chapter; and

the interests of the public will be served by granting the application.

(3) Without limiting the matters to which the Minister may have regard in considering an application under subsection (1), he or she may, in considering the application, have regard to any business rules of the applicant that relate to the guaranteeing, to members of the applicant, of the performance of futures contracts made on a futures market of the futures exchange.

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