36PHow Parts VIII and IX apply in relation to a local Exchange subsidiary

##### 36P How Parts VIII and IX apply in relation to a local Exchange subsidiary (1) Subsections (2) and (3) have effect throughout the period beginning at the relevant commencement and ending on the day on which the Ministerial Council first makes a nomination under subsection 122BA(1). (2) The Exchange shall pay money received by way of interest in respect of amounts invested by it under subsection 97(1) into the fidelity fund of a local Exchange subsidiary. (3) The fidelity fund of a local Exchange subsidiary shall guarantee the repayment by the Exchange of the amount of a deposit received by the Exchange under Part VIII. (4) After the relevant commencement, Part IX applies in relation to a local Exchange subsidiary, with such modifications as the circumstances require, as if: (a) subject to this subsection, a reference in that Part (other than section 99A, 100 or 112) to a securities exchange were a reference to that subsidiary; (b) a reference in paragraph 101(c) or (e) or section 109 to a securities exchange included a reference to the Exchange; (c) a reference in that Part to a member of a securities exchange were a reference to a person who is, or who is a partner in, a local member organisation; (d) a reference in that Part to a member firm, in relation to a securities exchange, were a reference to a partnership that is a local member organisation; (e) a reference in that Part to a sole trader were a reference to a person who is a local member organisation; and (f) a reference in subsection 106(1) to a person being admitted to membership of a securities exchange were a reference to a person becoming at a particular time (otherwise than by virtue of section 36G or a provision of a law of a participating State or participating Territory that corresponds with that section) a member of the Exchange in circumstances where, immediately after that time, the person’s Home Jurisdiction for the purposes of the Exchange’s articles is the Territory. (5) In subsection (4), local member organisation means a member organisation of the Exchange whose Home Jurisdiction for the purposes of the Exchange’s articles is the Territory. (6) In addition to the effect that sections 111 to 120, inclusive, have in relation to a local Exchange subsidiary by virtue of subsection (4) of this section, those sections continue after the relevant commencement to have in relation to that subsidiary the effect they would so have if that subsection had not been enacted.