Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 10 - Status of netting markets  

REGULATION 10.2.31   NETTING MARKETS  

10.2.31(1)   [ Application]  

This regulation applies to:

(a) an approved special stock market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 ; and

(b) an exempt stock market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 ; and

(c) an exempt futures market that was, immediately before the FSR commencement, a netting market within the meaning of the Payment Systems and Netting Act 1998 .

10.2.31(2)   [ Deemed netting market]  

On and after the FSR commencement, the market is taken to be a netting market for the purposes of that Act.

10.2.31(3)   [ Limitation]  

Subregulation (2) ceases to apply to the market if the market has not become:

(a) the person conducting an Australian financial services licensee; or

(b) an Australian market licensee;

by the end of the transition period.

10.2.31(4)   [ Application for netting market approval during transition period]  

Subregulations (2) and (3) do not prevent a market mentioned in subregulation (1) from applying for netting market approval during the transition period in relation to the market.

Note: The transition period is explained in sections 1418 and 1421 of the Act.