On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 01/04/2006.
FIRST SCHEDULE
Part I
Market
1. In this Act, “market” means a securities market or futures market.
2.—(1) In this Act, “futures market” means a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to sell, purchase or exchange futures contracts are regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to sell, purchase or exchange futures contracts (whether through that place or facility or otherwise).
(2) For the purposes of this Act, “futures market” does not include —
(a)
a place or facility used by only one person —
(i)
to regularly make offers or invitations to sell, purchase or exchange futures contracts; or
(ii)
to regularly accept offers to sell, purchase or exchange futures contracts; or
(b)
a place or facility that enables persons to negotiate material terms (in addition to the price) of, and enter into transactions in, futures contracts, where the material terms (in addition to the price) of futures contracts are discretionary and not predetermined by the rules or practices of the place or facility.
3.—(1) In this Act, “securities market” means a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to sell, purchase or exchange issued securities or such other securities as the Authority may prescribe are regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected, to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to sell, purchase or exchange issued securities or prescribed securities (whether through that place or facility or otherwise).
(2) For the purposes of this Act, “securities market” does not include a place or facility used by only one person —
(a)
to regularly make offers or invitations to sell, purchase or exchange securities; or
(b)
to regularly accept offers to sell, purchase or exchange securities.
Part II
Clearing Facility
4.—(1) In this Act —
“clearing facility” means —
(a)
a facility for the clearing or settlement of —
(i)
transactions in securities; or
(ii)
futures contracts; or
(b)
such other clearing or settlement facility or class of clearing or settlement facilities as the Authority may, by order, prescribe;
“clearing or settlement”, in relation to a clearing facility, means any arrangement, process, mechanism or service provided by a person in respect of transactions, by which —
(a)
information relating to the terms of those transactions are verified by such person with a view to confirming the transactions;
(b)
parties to those transactions substitute, through novation or otherwise, the credit of such person for the credit of the parties;
(c)
the obligations of parties under those transactions are calculated, whether or not such calculations include multilateral netting arrangements; or
(d)
parties to those transactions meet their obligations under such transactions, including the obligation to deliver, the transfer of funds or the transfer of title to securities between the parties.
(2) For the purposes of this Act, “clearing or settlement” does not include —
(a)
the back office operations of a party to the transactions referred to in sub-paragraph (1);
(b)
the services provided by a person who has, under an arrangement with another person (referred to in this sub-paragraph as the customer), possession or control of securities of the customer, where those services are solely incidental to the settlement of transactions relating to the securities; or
(c)
any other arrangement, process, mechanism or service which the Authority may prescribe.