—(1) A designated clearing house shall —
as far as is reasonably practicable, operate a safe and efficient clearing facility;
manage any risks associated with its business and operations prudently;
in discharging its obligations under this Act, not act contrary to the interests of the public, having particular regard to the interests of the investing public;
ensure that access for participation in its clearing facility is subject to criteria that are fair and objective, and that are designed to ensure the safe and efficient functioning of its facility and to protect the interests of the investing public;
maintain business rules that make satisfactory provision for —
the clearing facility to be operated in a safe and efficient manner; and
the proper regulation and supervision of its members;
enforce compliance by its members with its business rules;
have sufficient financial, human and system resources —
to operate a safe and efficient clearing facility;
to meet contingencies or disasters; and
to provide adequate security arrangements; and
ensure that it appoints or employs fit and proper persons as its chairman, chief executive officer, directors and key management officers.
(2) The obligations imposed on the designated clearing house under this Act shall apply to all facilities for clearing or settlement operated by the designated clearing house.
(3) Notwithstanding subsection (2), the Authority may by notice in writing exempt any clearing facility operated by a designated clearing house from all or any of the provisions of this Act, if the Authority is satisfied that such exemption would not detract from the objectives specified in section 47.
(4) In subsection (1)(g), “contingencies or disasters” includes technical disruptions occurring within automated systems.