Whole Section

  • 1.04 Precedence of Instruments

    • 1.04.1

      Save as provided in Rule 1.04.2 below, the relationship between the Clearing House and a Clearing Member shall be governed by this Rules, and the prevailing Directives, Practice Notes or Circulars (which may contain prescribed procedures) and terms and conditions governing the operations, facilities and services provided by the Clearing House (together, the "Clearing Member Terms").

      Added on 27 March 200627 March 2006.

    • 1.04.2

      The Clearing House is only responsible for the performance of those duties which are expressly set out in the SFA, the Act, any applicable legislation and any regulations issued thereunder and the Clearing Member Terms. The Clearing House shall have no implied duties or obligations of any kind whatsoever.

      Added on 27 March 200627 March 2006.

    • 1.04.3

      The order of precedence of the following instruments applicable to the Clearing House and Clearing Members shall be (in descending order of precedence):

      1.04.3.1 legislation;
      1.04.3.2 this Rules;
      1.04.3.3 Directives;
      1.04.3.4 Circulars;
      1.04.3.5 terms and conditions governing the operations, facilities and services provided by the Clearing House;
      1.04.3.6 Practice Notes.

      Added on 27 March 200627 March 2006 and amended on 26 April 201326 April 2013.

    • 1.04.4

      In the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence.

      Added on 27 March 200627 March 2006.