Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 2 - Regulation of derivative transactions: derivative transaction rules  

Subdivision 2.1A - Derivative transaction rules imposing clearing requirements  

REGULATION 7.5A.61   MEANING OF AUSTRALIAN CLEARING ENTITY  

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.

7.5A.61(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.