CSD-4.1.3

A licensed clearing house or licensed central depository shall, in line with CBB Law, make provision in its business rules and to the satisfaction of the CBB for continuing requirements for each member or depository participant, including requirements relating to the terms and conditions under which transactions will be cleared, settled or deposited, including but not limited to:

(a) The legal obligations and rights of the licensed clearing house and members relating to the clearing and settlement of transactions;
(b) The legal obligations and rights of the licensed clearing house or central depository and members or depository participants relating to payments, including netting of obligations, distribution of entitlements, assumption of obligations and method of payment.
Amended: April 2016