46Conduct that does not constitute operating a clearing and settlement facility

#### 46 Conduct that does not constitute operating a clearing and settlement facility (2) For paragraph 12BAB(18)(i) of the Act, the conduct of: (a) National Stock Exchange of Australia Limited, or an agent of that body; or (b) a participant of the National Stock Exchange of Australia Limited, or an agent of the participant; or (c) Bendigo Stock Exchange Limited, or an agent of that body; or (d) a participant of the Bendigo Stock Exchange Limited, or an agent of the participant; in operating a facility in accordance with the operating rules of a licensed market does not constitute operating a clearing and settlement facility if the requirements of subregulation (3) are met. (3) For subregulation (2), the requirements are: (a) the market licensee must have, and must be responsible for enforcing, operating rules that apply to a participant of the licensed market in relation to the participant’s obligations arising from transactions carried out on the licensed market; and (b) a participant mentioned in paragraph (a), or an agent of the participant, must be responsible for fulfilling the obligations owed to another participant or agent arising from transactions carried out on the licensed market; and (c) the market licensee is not the operator of any other clearing and settlement facility; and (d) each participant of the licensed market is not the operator of any other clearing and settlement facility; and (e) each agent of a participant of the licensed market is not the operator of any other clearing and settlement facility.