1.04 Precedence of Instruments
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").
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.
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.