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Subsidiary Legislation

Securities and Futures (Clearing Facilities) (Exemption) Regulations 2013

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reg 1Citation and commencement

These Regulations may be cited as the Securities and Futures (Clearing Facilities) (Exemption) Regulations 2013 and shall come into operation on 1st August 2013.

reg 2Exemption from section 49(1) of Act while application under section 50(1)(a) or (b) or (2) of Act is pending

(1)

Where any relevant person makes an application to the Authority under section 50(1)(a) or (b) or (2) of the Act during the period beginning on 1st August 2013 and ending on 1st November 2013, section 49(1) of the Act shall not apply to that relevant person during the period beginning on 1st August 2013 and ending on the date on which the application is granted, refused or withdrawn.

(2)

In paragraph (1), “relevant person” means —

(a)

any of the following corporations:

(i)

Clearstream Banking S.A.;

(ii)

Euroclear Bank S.A./N.V.;

(iii)

LCH.Clearnet Limited;

(iv)

NOS Clearing ASA; or

(b)

any person operating, immediately before and on 1st August 2013, a clearing facility for the clearing or settlement of derivatives contracts.

Subregulation 1

Where any relevant person makes an application to the Authority under section 50(1)(a) or (b) or (2) of the Act during the period beginning on 1st August 2013 and ending on 1st November 2013, section 49(1) of the Act shall not apply to that relevant person during the period beginning on 1st August 2013 and ending on the date on which the application is granted, refused or withdrawn.

Subregulation 2

In paragraph (1), “relevant person” means —

(a)

any of the following corporations:

(i)

Clearstream Banking S.A.;

(ii)

Euroclear Bank S.A./N.V.;

(iii)

LCH.Clearnet Limited;

(iv)

NOS Clearing ASA; or

(b)

any person operating, immediately before and on 1st August 2013, a clearing facility for the clearing or settlement of derivatives contracts.