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CSD-3.1.12

A person operating a clearing or depository facility shall (including where a clearing facility carries on business or acquires a substantial shareholding in a central depository, or vice-versa), notify the CBB in the event of the following:

(a) The carrying on of any business by the licensed clearing house or licensed central depository other than:
(i) The business of operating a clearing facility and/or depository;
(ii) A business incidental to operating a clearing facility or depository; or
(iii) Such business or class of businesses as the CBB may prescribe;
(b) The acquisition by the licensed clearing house or licensed central depository of a substantial shareholding in a corporation which does not carry on:
(i) The business of operating a clearing facility or central depository;
(ii) A business incidental to operating a clearing facility or central depository; or
(iii) Such business or class of businesses as the CBB may prescribe;
(c) The licensed clearing house or licensed central depository 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 or participant of the licensed clearing house or licensed central depository to meet its financial obligations to the licensed clearing house or licensed central depository;
(d) The licensed clearing house or licensed central depository reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against a member or depository participant of the licensed clearing house or licensed central depository; and
(e) Any other matter that the CBB may prescribe by regulations or specify by notice in writing to the licensed clearing house or licensed central depository.
Amended: April 2016