Document ID: chunk:federal_register_of_legislation:F2024C01135:reg:6:p3
Version: federal_register_of_legislation:F2024C01135
Segment Type: reg
Provision Reference: reg 6 (pt 3/13)
Character Range: 20212–23016

a Clearing Transaction for the Foreign Clearing Entity if:
(a)        the other party to the Clearing Derivative is:
(i)         an Australian Clearing Entity; or
(ii)       a Foreign Clearing Entity; or
(iii)     a Foreign Internationally Active Dealer; and
(b)       where the other party is a Foreign Clearing Entity or a Foreign Internationally Active Dealer—at least one Foreign Clearing Entity that is party to the Clearing Derivative books the Clearing Derivative to the profit or loss account of a branch of the Foreign Clearing Entity located in Australia.

Clearing Entity that is party to a Clearing Derivative in different capacities
(4) For the avoidance of doubt, if:
(a)        an entity is party, in different capacities, to both sides of a Clearing Derivative; and
(b)       the entity is a Clearing Entity in relation to the Clearing Derivative in each of those capacities;
subrules (2) and (3) apply as if the Clearing Derivative had two distinct parties, being the entity acting in each of those capacities.
Note: This may result in entry into such a Clearing Derivative being a Clearing Transaction for the entity.

1.2.6 References to total gross notional outstanding positions
(1) A reference in these Rules to the total gross notional outstanding positions held by an entity in a particular capacity is a reference to the entity's total gross notional outstanding positions aggregated across all Derivatives to which the entity is a party in that capacity, but does not include:
(a)        a position in a Derivative that is not a Clearing Derivative because of subrule 1.2.3(7) (whether or not it is also not a Clearing Derivative for other reasons); or
(b)       a position in a Derivative entered into with a related body corporate of the entity; or
(c)        for an entity:
(i)         that is acting in its Personal Capacity and is incorporated or formed outside Australia; or
(ii)       that is acting in a Representative Capacity in relation to a scheme or trust that is incorporated or formed outside Australia;
a position in a Derivative:
(iii)     that was not booked to the profit or loss account of a branch of the entity located in Australia; and
(iv)      that either:
(A)       was not entered into in Australia; or
(B)       was entered into in Australia before 25 February 2015.
(2) This Rule applies for the purposes of these Rules and paragraph 7.5A.60(2)(a) of the Regulations.

1.2.7 Clearing Threshold

Financial Entity acting in its Personal Capacity
(1) If a Financial Entity holds total gross notional outstanding positions of AUD $100 billion or more in its Personal Capacity on each of two consecutive Calculation Dates, the entity meets the Clearing Threshold in its Personal Capacity from the date (Clearing Start Date) that is the first Monday after