Document ID: chunk:federal_register_of_legislation:C2024C00373:section:5:p4
Version: federal_register_of_legislation:C2024C00373
Segment Type: section
Provision Reference: s 5 (pt 4/7)
Character Range: 11934–14612

have effect as a contract between a participant in the netting market and one or more other persons; or
 (b) a contract declared by the regulations to be a market netting contract for the purposes of this Act;
but does not include:
 (c) a contract that constitutes, or is part of, an approved netting arrangement; or
 (d) a contract declared by the regulations not to be a market netting contract for the purposes of this Act.
multilateral netting arrangement means an arrangement that has more than 2 parties and under which the obligations owed by the parties to each other are netted.
netting market means:
 (a) an arrangement that is:
 (i) a licensed market or a licensed CS facility (both within the meaning of the Corporations Act 2001); and
 (ii) approved by the Minister for the purposes of this definition; or
 (b) an arrangement declared by the regulations to be a netting market for the purposes of this Act.
non‑terminal administration: a person goes into non‑terminal administration if:
 (a) the person goes into external administration; and
 (b) if the person is a body corporate—the external administration is not a winding up under the Corporations Act 2001 or a corresponding process under a law of a foreign country; and
 (c) if the person is an individual—the external administration is not the result of the person becoming a bankrupt under the Bankruptcy Act 1966, or the person having a corresponding status under a law of a foreign country.
operating rules for a payment or settlement system means the rules governing the operation of the system.
participant in an approved RTGS system means a person who is a participant in the system in accordance with the rules governing the operations of the system.
party to an approved netting arrangement is a person who is a party to the arrangement in accordance with the rules governing the arrangement.
provable: an obligation is provable in an external administration if:
 (a) for an external administration that is a winding up under the Corporations Act 2001—the obligation is a debt or claim that is admissible to proof against the body being wound up; or
 (b) for an external administration that is a bankruptcy under the Bankruptcy Act 1966—the obligation is a debt or liability provable in the bankruptcy; or
 (c) in any other case—the person to whom the obligation is owed is entitled to share in any distribution of property to creditors under the administration on the basis of the obligation if the obligation is properly established.
receiving body has the same meaning as in the Business Transfer Act.
regulated body means a body corporate that is any of the following:
 (a) an ADI;
 (b) a general