Commonwealth legislation

Corporations Act 2001 - Revocation of Financial Stability Standards 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This document formally cancels two old financial rules made by the Reserve Bank of Australia (RBA).

What it does:

Revokes (cancels) Financial Stability Standard 2003.1 — rules about how central counterparties (entities that stand between buyers and sellers in financial markets to guarantee trades if one party defaults) must manage risk.
Revokes Financial Stability Standard 2003.2 — rules about how securities settlement facilities (systems that finalise trades of stocks and shares) must operate safely.

Who it affects:

Financial market infrastructure providers previously subject to these 2003-era standards, including clearing houses and settlement systems.

When it takes effect:

29 March 2013.

Why it matters:

This removes outdated regulatory requirements, likely because these standards were replaced by newer rules or incorporated into different parts of the law. It reduces compliance burden by ensuring companies don't have to follow obsolete rules.

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Current sections

Direct links to the current provisions in Corporations Act 2001 - Revocation of Financial Stability Standards 2012.

Corporations Act 2001 - Revocation of Financial Stability Standards 2012

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View image in the official source RESERVE BANK OF AUSTRALIA

Corporations Act 2001

Revocation of Financial Stability Standards

Pursuant to subsection 827D(8) of the Corporations Act 2001 (the Act), the Reserve Bank of Australia revokes the Financial Stability Standard for Central Counterparties (FSS 2003.1) and the Financial Stability Standard for Securities Settlement Facilities (FSS 2003.2), each as varied, with effect on 29 March 2013.

Signed

Glenn Stevens Governor Reserve Bank of Australia

Date

10 December 2012

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.