Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
81E. Duty to report on completion of default proceedings
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An approved clearing house or a recognised clearing house —
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;
must, upon the conclusion of any default proceedings commenced by it, make a report on those proceedings stating (as the case may be) in respect of each defaulter who is a subject of those proceedings —
the net sum (if any) certified by it to be payable by or to the defaulter; or
the fact that no sum is so payable; and
may include in that report such other particulars in respect of those proceedings as it thinks fit.
An approved clearing house, or a recognised clearing house, which has made a report under subsection (1) must supply the report to —
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 Authority;
any relevant office holder acting in relation to —
the defaulter to whom the report relates; or
the estate of that defaulter; and
where there is no relevant office holder referred to in paragraph (b), the defaulter to whom the report relates.
The approved clearing house or recognised clearing house must publish a notice of the fact that a report has been made under subsection (1) in such manner as it thinks appropriate to bring that fact to the attention of the creditors of the defaulter to whom the report relates.
defaulter
“defaulter” means a participant who is the subject of any default proceedings;
Where a relevant office holder or defaulter receives under subsection (2) a report made under subsection (1), the relevant office holder or defaulter must, at the request of a creditor of the defaulter to whom the report relates —
relevant office holder
“relevant office holder” means —(a)the Official Assignee exercising his or her powers under the Insolvency, Restructuring and Dissolution Act 2018;(b)a person acting in relation to a corporation as the liquidator, the provisional liquidator, the receiver, the receiver and manager or the judicial manager of the corporation, or acting in an equivalent capacity in relation to a corporation; or(c)a person acting in relation to an individual as the trustee in bankruptcy, or the interim receiver of the property, of the individual, or acting in an equivalent capacity in relation to an individual;
make the report available for inspection by the creditor; and
on payment of such reasonable fee as the relevant office holder or defaulter (as the case may be) determines, supply to the creditor the whole or any part of that report.
In subsections (2), (3) and (4), “report” includes a copy of a report.