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Content of business rules of approved clearing house

Securities and Futures (Clearing Facilities) Regulations 2013

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For the purposes of section 66(1)(a) of the Act, an approved clearing house shall make provision in its business rules, to the satisfaction of the Authority, for —(a)the criteria that the approved clearing house would use to determine whether a person should or should not be admitted as a member of the approved clearing house;(b)the continuing requirements to be satisfied by each member of the approved clearing house, including —(i)requirements relating to the proper conduct of the member when participating in any clearing facility operated by the approved clearing house;(ii)a requirement that the member has sufficient financial resources to reasonably fulfil all its financial obligations arising out of its activities in relation to any clearing facility operated by the approved clearing house;(iii)requirements that facilitate the monitoring by the approved clearing house of the compliance of the member with the business rules of the approved clearing house; and(iv)requirements providing for the expulsion, suspension or disciplining of the member for a contravention of the business rules of the approved clearing house;(c)the class or classes of transactions that may be cleared or settled on any clearing facility that the approved clearing house operates;(d)the terms and conditions under which transactions will be cleared or settled on any clearing facility that the approved clearing house operates;(e)matters relating to risks in the operation of any clearing facility that the approved clearing house operates;(f)the handling of defaults, including —(i)the financial resources available to support the default of a member of the approved clearing house; and(ii)where a member of the approved clearing house has failed, or appears to be unable, or is likely to become unable, to meet the member’s obligations for all unsettled or open market contracts to which the member is a party, the taking of proceedings or any other action against the member; and(g)the carrying on of business of the approved clearing house with due regard to the interests and protection of the investing public.

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