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CSD-4.1.4

Past version: Effective from 01 May 2009 to 31 Mar 2016
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The business rules of a licensed clearing house and central depository shall be deemed to be, and shall operate as, a binding contract:

(a) Between the licensed clearing house and central depository and each issuer of securities;
(b) Between the licensed clearing house and central depository and each member or depository participant;
(c) Between each issuer of securities and each member or depository participant; and
(d) Between each member or depository participant and every other member or depository participant.