Document ID: chunk:federal_register_of_legislation:C2024C00373:section:15
Version: federal_register_of_legislation:C2024C00373
Segment Type: section
Provision Reference: s 15
Character Range: 47233–48186

15  Declaration that section 14 does not apply
 (1) The Reserve Bank may, by notifiable instrument, declare that section 14 does not apply to a close‑out netting contract if it is satisfied that systemic disruption in the financial system could result if a party to the contract went into external administration.
Note: This section is intended to allow the Reserve Bank to require an economically significant multilateral netting arrangement to meet the standards in Part 3 of this Act. It may be necessary to amend the rules governing the arrangement before it can be approved under that Part.
 (2) A declaration under subsection (1):
 (a) may only relate to a contract entered into after the day the declaration is registered on the Federal Register of Legislation under the Legislation Act 2003; and
 (b) ceases to have effect at the end of 6 months after the day it is registered.

Division 2—Ceasing non‑direction stays for derivatives contracts