07 Dec 2014
14 Dec 2014
PART 1: GENERAL.........................................................................................................................................................3
1. TITLE......................................................................................................................................................................3
2. LEGISLATIVE AUTHORITY ........................................................................................................................................3
3. DATE OF ENACTMENT...............................................................................................................................................3
4. COMMENCEMENT.....................................................................................................................................................3
5. INTERPRETATION ....................................................................................................................................................3
PART 2: APPLICATION ..................................................................................................................................................4
6. APPLICATION...........................................................................................................................................................4
PART 3: ENFORCEABILITY AND NETTING........................................................................................................................5
7. ENFORCEABILITY OF A QUALIFIED FINANCIAL INSTRUMENT.......................................................................................5
8. GENERAL RULE AS TO ENFORCEABILITY OF A NETTING AGREEMENT..........................................................................5
9. EFFECTIVENESS OF NETTING OF OBLIGATIONS TO MAKE PAYMENTS OR DELIVERIES. ..................................................5
10. LIMITATION ON POWERS OF A LIQUIDATOR .............................................................................................................5
11. LIMITATION OF INSOLVENCY LAWS PROHIBITING SET-OFF.......................................................................................6
12. PREFERENCES AND FRAUDULENT TRANSFERS ......................................................................................................6
13. PREEMPTION ........................................................................................................................................................7
14. REALISATION AND LIQUIDATION OF COLLATERAL.....................................................................................................7
15. SCOPE OF THIS LAW..............................................................................................................................................7
SCHEDULE 1.................................................................................................................................................................9
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