(1) A body corporate may apply to ASIC in writing for approval by the Minister as the securities clearing house. (2) If a body so applies, the Minister may by writing approve the body as the securities clearing house if, and only if, he or she is satisfied that:

(a)

the body's business rules:

(i)

include satisfactory provisions about:

(A) the facilities that the body proposes to provide for the settlement of transactions involving quoted securities or quoted rights; and (B) the facilities that the body proposes to provide for the registration of transfers (within the meaning of Division 3 of Part 7.13) of quoted securities or quoted rights; and (C) any other facilities that the body proposes to provide (such as facilities in relation to dealings in quoted securities or quoted rights); and

(ii)

include satisfactory provisions about the disciplining of persons (being persons who will be SCH participants if the approval is given) who contravene the business rules or this Chapter; and

(iii)

are otherwise satisfactory; and

(b)

the interests of the public will be served by granting the application.

(3) An approval comes into force on the day specified in the instrument giving the approval, being the day on which the approval is given or a later day. (4) In exercising his or her powers under subsection (2), the Minister must ensure that no more than one approval is in force at any particular time. (5) ASIC must cause a copy of an instrument under this section to be published in the Gazette .