On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 18/04/2013.
60.
—(1) A designated clearing house shall, as soon as practicable after the occurrence of any of the following circumstances, notify the Authority of the circumstance:
(a)
the carrying on of any business by the designated clearing house other than —
(i)
the business of operating a clearing facility;
(ii)
a business incidental to operating a clearing facility; or
(iii)
such business or class of businesses as the Authority may prescribe;
(b)
the acquisition by the designated clearing house of a substantial shareholding in a corporation which does not carry on —
(i)
the business of operating a clearing facility;
(ii)
a business incidental to operating a clearing facility; or
(iii)
such business or class of businesses as the Authority may prescribe;
(c)
the designated clearing house becoming aware of a financial irregularity or other matter which in its opinion —
(i)
may affect its ability to discharge its financial obligations; or
(ii)
may affect the ability of a member of the designated clearing house to meet its financial obligations to the designated clearing house;
(d)
the designated clearing house reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against a member of the designated clearing house;
(e)
any other matter that the Authority may prescribe by regulations or specify by notice in writing to the designated clearing house.
[1/2005]
(2) Without prejudice to the generality of section 79(1), the Authority may, at any time after receiving a notification referred to in subsection (1), issue directions to the designated clearing house —
(a)
where the notification relates to a matter referred to in subsection (1)(a) —
(i)
to cease carrying on the first-mentioned business referred to in subsection (1)(a); or
(ii)
to carry on the first-mentioned business referred to in subsection (1)(a) subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 79(1); or
(b)
where the notification relates to a matter referred to in subsection (1)(b) —
(i)
to dispose of the shareholding referred to in subsection (1)(b); or
(ii)
to exercise its rights relating to such shareholding subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 79(1),
and the designated clearing house shall comply with such directions.
[1/2005]