Clause 2

by deleting the definitions of “book‑entry Government securities” and “default arrangements” and substituting the following definitions:“ “book‑entry securities” means any securities that —

are issued —

by the Government, or a statutory board, under any written law; or

by a corporation; and

are transferable by a book‑entry, on a register or otherwise;“business day”, in relation to a designated system —

in any case where the Rules of the designated system specify what constitutes a business day for that case, has the same meaning as in those Rules; or

in any other case, means any day other than a Saturday, Sunday or public holiday;“collateral holder”, in relation to a designated system, means any person who has possession, control or ownership of any collateral security of the designated system under an arrangement with the operator of the designated system relating to that collateral security;“collateral security”, in relation to a designated system, means any property held by or deposited with a collateral holder for the purpose of securing any liability arising directly in connection with ensuring —

the clearing or settlement of payment obligations by the designated system; or

the clearing, settlement or transfer of book‑entry securities by the designated system;“default arrangements” means the arrangements made by the operator of a designated system to limit systemic and other types of risks that arise when a participant is or is likely to become unable to meet its obligations in respect of a transfer order, examples of which include any of the following arrangements:

any arrangements for netting;

any arrangements for the closing out of open positions;

any arrangements relating to collateral security;”;

by inserting, immediately after the definition of “relevant office holder”, the following definition:“ “Rules”, in relation to a designated system, means any rules, regulations, by‑laws or other similar body of written statements, by whatever name called, and whether or not contained in the constituent documents of the designated system, that govern the activities and conduct of —

the designated system; and

any other persons in relation to the designated system;”;

by deleting the definition of “settlement institution” and substituting the following definition:“ “settlement institution”, in relation to a designated system, means any body corporate that —

provides accounts for the participants of the designated system, or facilitates the settlement of transfer orders between the participants in the designated system; and

is specified in an order under section 3(1) to be the settlement institution of the designated system;”;

by deleting the word “Government” in paragraph (b) of the definition of “system”; and

by deleting the definition of “transfer order” and substituting the following definition:“ “transfer order” means —

an instruction by a participant, which may be carried out in or through one or more designated systems —

to place at the disposal of a recipient an amount of money by means of a book‑entry on the accounts of a settlement institution for a designated system; or

that, when settled, results in the assumption or discharge of a payment obligation as defined by the Rules of a designated system; or

an instruction by a participant to transfer book‑entry securities.”.