15Declaration that section 14 does not apply

#### 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.