On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 23/02/2009.
8. Section 61 of the principal Act is repealed and the following section substituted therefor:
61.
—(1) Without prejudice to the generality of section 59(1)(b), a designated clearing house shall —
(a)
ensure that the systems and controls concerning the assessment and management of risks to its clearing facility are adequate and appropriate for the scale and nature of its operations;
(b)
obtain the Authority’s approval to the limits which it intends to establish on the number of open positions which may be held by any person under any futures contract cleared or settled with the designated clearing house, and vary those limits only in a manner approved by the Authority; and
(c)
obtain the Authority’s approval if it does not intend to establish limits on the number of open positions which may be held by any person under any futures contract cleared or settled with the designated clearing house.
(2) Nothing in subsection (1) shall preclude a designated clearing house from —
(a)
establishing, in respect of open positions which may be held by any person under any futures contract cleared or settled with the designated clearing house, different position limits for different futures contracts, or for different months or days in the period the positions may be held; or
(b)
establishing limits whether on long or short positions, and whether on a net or gross basis.
(3) Any person who wilfully exceeds any position limit established or varied by a designated clearing house shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000.”.