Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 (F2016L00724)
Schedule 1 Facilitating access to derivatives for superannuation funds and life insurance companies
Superannuation Industry (Supervision) Regulations 1994
9 Subregulation 13.15A(2) (definition of derivative)
Repeal the definition, substitute:
derivative means any of the following:
(a) a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);
(b) a foreign exchange contract (within the meaning of that Chapter);
(c) an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities;
but does not include any arrangement that is of a kind mentioned in subregulation 6(2) of the Payment Systems and Netting Regulations 2001.
Note: Subregulation 6(2) of the Payment Systems and Netting Regulations 2001 identifies obligations that are not eligible obligations in relation to a close-out netting contract. The arrangements mentioned include credit facilities, reciprocal purchase agreements (otherwise known as repurchase agreements), sell-buyback arrangements, securities loan arrangements, contracts of insurance and managed investment schemes.
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