Clause 59

A clearing house that proposes to make any amendment by way of rescission, substitution, alteration or addition to its business rules shall immediately inform the Authority of the proposed amendment by written notice which shall state the date on which the amendment is proposed to be made, an explanation of the purpose of the amendment and provide the text of the amendment.

If the notice required to be given under subsection (1) is not given at least 21 days before the making of the amendment, that amendment shall not come into force.

The Authority may, within 21 days after the receipt of a notice under subsection (1), by notice in writing to the clearing house, disallow, alter or supplement the whole or any specified part of the amendment in question and, thereupon such whole or specified part of the amendment, as the case may be —

The Authority may, in its discretion, by notice in writing to the clearing house, extend the period specified in subsection (3), and where the period is extended, the amendment shall not come into force before the expiry of the extended period.

In addition to the power conferred upon the Authority under subsection (3), the Authority may of its own motion, by notice in writing to a clearing house, alter or supplement the business rules of the clearing house, or alter or supplement the terms and conditions for the clearing or settlement of any securities or futures contract by the clearing house, if it considers that such action is necessary for the protection of investors or to ensure an orderly, fair and expeditious clearing facility.