Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The operating rules (other than listing rules) of a licensed market have effect as a contract under seal:
(a) between the licensee and each participant in the market; and
(b) between a participant and each other participant;
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 financial market, and any of the following other rules:
(a) the market integrity rules;
(aa) the CS facility rules;
(b) the derivative transaction rules;
(c) the derivative trade repository rules;
(d) the client money reporting rules;
those other rules prevail over the operating rules to the extent of the inconsistency.
Note 1: If there is an inconsistency between the market integrity rules and the derivative transaction rules or the derivative trade repository rules, the market integrity rules prevail: see subsection 798H(3).
Note 2: 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 3: If there is an inconsistency between the market integrity rules, the derivative transaction rules or the derivative trade repository rules and the client money reporting rules, the market integrity rules, the derivative transaction rules or the derivative trade repository rules prevail: see subsection 981M(2).
(3) Subsection (2) does not apply in relation to a financial market the operator of which is licensed under subsection 795B(2) (overseas markets).