CORPORATIONS REGULATIONS 2001 - REG 7.5A.61 Meaning of Australian clearing entity

CORPORATIONS REGULATIONS 2001 - REG 7.5A.61

  (1)   An entity is an Australian clearing entity , in relation to a derivative transaction to which it is a party otherwise than in a representative capacity, if:

  (a)   the entity is an Australian ADI, or a financial services licensee, that:

  (i)   is incorporated or formed in Australia; and

  (ii)   holds $100 billion or more in total gross notional outstanding positions otherwise than in a representative capacity; or

  (b)   the entity is any other entity that:

  (i)   is incorporated or formed in Australia; and

  (ii)   has, in accordance with any derivative transaction rules, opted to be treated, for the purposes of those rules, as an Australian clearing entity in relation to derivative transactions to which the entity is a party otherwise than in a representative capacity.

  (2)   An entity is an Australian clearing entity in relation to a derivative transaction to which it is a party in a representative capacity in the circumstances set out in derivative transaction rules.