Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
55. Cancellation of approval or recognition
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An approved clearing house or a recognised clearing house which intends to cease operating its clearing facility or, where it operates more than one clearing facility, all of its clearing facilities, may apply to the Authority to cancel its approval as an approved clearing house or recognition as a recognised clearing house, as the case may be.
approved clearing house
“approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;
An application under subsection (1) must be made in such form and manner, and not later than such time, as the Authority may prescribe.
The Authority may cancel the approval of an approved clearing house, or the recognition of a recognised clearing house, on such application if the Authority is satisfied that —
recognised clearing house
“recognised clearing house” means a corporation that is recognised by the Authority under section 51(1)(b) or (2) as a recognised clearing house;
the approved clearing house or recognised clearing house has ceased operating its clearing facility or all of its clearing facilities, as the case may be; and
the cancellation of the approval or recognition (as the case may be) will not detract from the objectives specified in section 47.