In forceAmended2020 Revised Edition

Contents

Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities

81G. Disclaimer of onerous property, rescission of contracts, etc.

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Amended

Last amended by an amending law of 2018. 2 amendments in all.

(1)

Sections 230, 231, 373 and 374 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to —

(a)

a market contract;

(b)

a contract effected by an approved clearing house, or a recognised clearing house, for the purpose of realising property provided as market collateral;

(c)

a market charge; or

(d)

any default proceedings.

(2)

Sections 130(1), 170(1) and 328 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to any act, matter or thing which has been done under —

(a)

a market contract;

(b)

a disposition of property pursuant to a market contract;

(c)

the provision of market collateral;

(d)

a contract effected by an approved clearing house, or a recognised clearing house, for the purpose of realising property provided as market collateral, or any disposition of property pursuant to such a contract;

(e)

a disposition of property in accordance with the business rules of an approved clearing house, or a recognised clearing house, relating to the application of property provided as market collateral;

(f)

a disposition of property as a result of which the property becomes subject to a market charge, or any transaction pursuant to which that disposition is made;

(g)

a disposition of property for the purpose of enforcing a market charge;

(h)

a market charge; or

(i)

any default proceedings.

Terms defined in this Act

approved clearing house
Defined · s 2
“approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;
Open s 2
business
Defined · s 46AAA
“business” includes affairs and property;
Open s 46AAA
default proceedings
Defined · s 48
“default proceedings” means any proceedings or other action taken by an approved clearing house or a recognised clearing house under its default rules;
Open s 48
market charge
Defined · s 48
“market charge” means a security interest, whether fixed or floating, granted in favour of an approved clearing house, or a recognised clearing house, over market collateral;
Open s 48
market collateral
Defined · s 48
“market collateral” means any property held by or deposited with an approved clearing house or a recognised clearing house, for the purpose of securing any liability arising directly in connection with the ensuring of the performance of market contracts by the approved clearing house or recognised clearing house;
Open s 48
market contract
Defined · s 48
“market contract” means —(a)a contract subject to the business rules of an approved clearing house or a recognised clearing house, that is entered into between the approved clearing house or recognised clearing house and a participant pursuant to a novation (however described), whether before or after default proceedings have commenced, which is in accordance with those business rules and for the purposes of the clearing or settlement of transactions using the clearing facility of the approved clearing house or recognised clearing house; or(b)a transaction which is being cleared or settled using the clearing facility of an approved clearing house or a recognised clearing house, and in accordance with the business rules of the approved clearing house or recognised clearing house, whether or not a novation referred to in paragraph (a) is to take place;
Open s 48
property
Defined · s 46AAH
“property” includes property, right and power of every description;
Open s 46AAH
recognised clearing house
Defined · s 2
“recognised clearing house” means a corporation that is recognised by the Authority under section 51(1)(b) or (2) as a recognised clearing house;
Open s 2

Report

Read on from s 81H

Part 3A

Approved Holding Companies

Read on from Part 3A

Part 4

Holders of Capital Markets Services Licence and Representatives

Read on from Part 4

Part 5

Books, Customer Assets and Audit

Read on from Part 5

Part 6

Conduct of Business

Read on from Part 6

Part 6A

Reporting of Derivatives Contracts

Read on from Part 6A

Part 6B

Clearing of Derivatives Contracts

Read on from Part 6B

Part 6C

Trading of Derivatives Contracts

Read on from Part 6C

Part 7

Disclosure of Interests

Read on from Part 7

Part 7A

Short Selling

Read on from Part 7A

Part 8

Securities Industry Council and Take‑Over Offers

Read on from Part 8

Part 9

Supervision and Investigation

Read on from Part 9

Part 10

Assistance to Foreign Regulatory Authorities

Read on from Part 10

Part 11

Investor Compensation Scheme

Read on from Part 11

Part 12

Market Conduct

Read on from Part 12

Part 13

Offers of Investments

Read on from Part 13

Part 13A

Modification of Act for Purposes of Dual Listing Boards

Read on from Part 13A

Part 14

Appeals

Read on from Part 14

Part 15

Miscellaneous

Read on from Part 15

Schedules

Read on from Schedules