54Tier 1 clearing and settlement facility operators

54 Tier 1 clearing and settlement facility operators

(1) A leviable entity forms part of the Tier 1 clearing and settlement facility operators sub‑sector in a financial year if, at any time in the financial year, the entity holds an Australian CS facility licence that was granted in relation to a clearing and settlement facility that: (a) is systemically important in Australia; and (b) has a strong connection to the Australian financial system. Entity metric (2) The leviable entity’s entity metric for the sub‑sector for the financial year is: (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.