Section 822B — Corporations Act 2001: Legal effect of operating rules

(1) The operating rules of a licensed CS facility have effect as a contract under seal: (a) between the licensee and each issuer of financial products in respect of which the facility provides its services; and (b) between the licensee and each participant in the facility; and (c) between each issuer of financial products in respect of which the facility provides its services and each participant in the facility; and (d) between a participant in the facility and each other participant in the facility; under which each of those persons agrees to observe the operating rules to the extent that they apply to the person and to engage in conduct that the person is required by the operating rules to engage in. (2) However, if there is an inconsistency between the operating rules of a licensed CS facility and any of the following other rules: (aa) the CS facility rules; (a) the derivative transaction rules; (b) the derivative trade repository rules; (c) the client money reporting rules; (d) the CS services rules; those other rules prevail over the operating rules to the extent of the inconsistency. Note 1: If there is an inconsistency between the derivative transaction rules and the derivative trade repository rules, the derivative transaction rules prevail: see subsection 901E(2). Note 2: If there is an inconsistency between the derivative transaction rules or the derivative trade repository rules and the client money reporting rules, the derivative transaction rules or the derivative trade repository rules prevail: see subsection 981M(2).