• CSD-4.4 CSD-4.4 Amendment of Business Rules

    • CSD-4.4.1

      A licensed clearing house or licensed central depository which intends to amend its business rules shall, prior to making the amendment, notify the CBB of:

      (a) The proposed amendment;
      (b) The purpose of the proposed amendment; and
      (c) The date on which the amendment is proposed to come into force.
      Amended: April 2016

    • CSD-4.4.2

      The licensed clearing house or licensed central depository shall, prior to notifying the CBB under rule CSD-4.4.1, consult its members and depository participants on the proposed amendment, unless the proposed amendment would have limited impact on its members or depository participants.

      Amended: April 2016

    • CSD-4.4.3

      Subject to Paragraphs CSD-4.4.4 and CSD-4.4.6, an amendment shall not come into force unless the notification referred to in rule CSD-4.4.1 is submitted at least 21 days before the date on which the amendment is proposed to come into force.

      Amended: April 2016

    • CSD-4.4.4

      The CBB may, on its own initiative or on the application of the licensed clearing house or licensed central depository, by notice in writing to the licensed clearing house or licensed central depository, allow an amendment to come into force before the expiry of the period of 21 days referred to in rule CSD-4.4.3.

      Amended: April 2016

    • CSD-4.4.5

      The CBB may, subject to Paragraph CSD-4.4.6, within 21 days after the receipt of the notification referred to in rule CSD-4.4.1, by notice in writing to the licensed clearing house or licensed central depository, disallow, alter or supplement the whole or any part of the proposed amendment and, thereupon, such whole or part of the proposed amendment, as the case may be:

      (a) Where it is disallowed, shall not come into force; or
      (b) Where it is altered or supplemented, shall come into force as altered or supplemented accordingly.
      Amended: April 2016

    • CSD-4.4.6

      The CBB may, in its discretion, by notice in writing to the licensed clearing house or licensed central depository, vary the period specified in Paragraph CSD-4.4.5, and where the period in that paragraph is extended, the amendment shall not come into force before the expiry of the extended period.

      Amended: April 2016

    • CSD-4.4.7

      This requirement shall not apply to any periodic amendment made by a licensed clearing house or licensed central depository to the initial margin requirement, or maintenance margin requirement of a market contract which it imposes on its members or depository participants, where such amendment is made in response to a change in the historical or anticipated volatility or co-relation of any market contract.

      Amended: April 2016

    • CSD-4.4.8

      Any reference to an amendment to a business rule shall be construed as a reference to a change to the scope of, or to any requirement, obligation or restriction under the business rule, whether the change is made by an alteration to the text of the rule or by any other notice issued by, or on behalf of, the licensed clearing house or licensed central depository.

      Amended: April 2016