Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 4 - The Australian CS facility licence: applications (general)  

REGULATION 7.3.11  

7.3.11   DOCUMENTS  
For paragraph 824A(1) (b) of the Act, the following documents are required as part of an application by the body corporate for an Australian CS facility licence:

(a) the body corporate's current or proposed operating rules and written procedures;

(b) if applicable - the body corporate's constitution;

(c) a copy of any agreement material to:

(i) the way in which the clearing and settlement facility is to be operated; and

(ii) the way in which the financing of the clearing and settlement facility, and the other resources used to operate it, will be organised; and

(iii) the body corporate's constitution or governance; and

(iv) the appointment or employment of directors, secretaries and executive officers of the body corporate;

(d) a copy of any agreement, or proposed agreement, between the body corporate and a market licensee relating to services to be offered to the market licensee;

(e) a copy of any agreement, or proposed agreement, relating to the outsourcing or delegation of a function, facility or service in relation to the facility by the body corporate to another person;

(f) if the body corporate:

(i) uses, or is likely to use, a counterparty; or

(ii) will be operating as a central counterparty;

an assessment by an independent auditor of the adequacy of the body corporate's arrangements for managing counterparty risk;

(g) if the body corporate is a disclosing entity - a copy of each half-year financial report of the body corporate for:

(i) the period of 3 years immediately before the application was made; or

(ii) the shorter period in which the body corporate has carried on a business;

(h) if the body corporate is not a disclosing entity - a copy of each annual financial report of the body corporate for:

(i) the period of 3 years immediately before the application was made; or

(ii) the shorter period in which the body corporate has carried on a business;

(i) if the body corporate is a related body corporate - a copy of the relevant consolidated annual and half-year financial reports for:

(i) the period of 3 years immediately before the application was made; or

(ii) the shorter period in which the body corporate has carried on a business;

(j) a report, by a qualified person who is independent of the body corporate, about the anticipated financial resource requirements of the clearing and settlement facility, including details of:

(i) the total anticipated fixed expenditure and variable expenditure for the first 12 months of operation of the clearing and settlement facility; and

(ii) the total anticipated revenue for the first 12 months of operation of the clearing and settlement facility and other sources of financial resources; and

(iii) the body corporate's contingency arrangements in the event of circumstances occurring that affect the body corporate's ability to operate the clearing and settlement facility;

(k) details of the body corporate's business plan, or other strategic planning, for the first 12 months of operation of the clearing and settlement facility, that are not included in the other documents mentioned in this regulation.