For the purposes of the description of the system,—
approved security means a financial product—
broker means a share broker that is a member organisation of the Australian Stock Exchange
business rules means the business rules (within the meaning of Chapter 7 of the Corporations Law) of the Company
CHESS means the Clearing House Electronic Subregister System, a system for the electronic transfer and registration of approved securities operated by the Company
Company means ASX Settlement and Transfer Corporation Pty Limited approved as the securities clearing house under the Corporations Law
Corporations Law means the Corporations Law of the Commonwealth of Australia
Exchange means the Australian Stock Exchange operated by Australian Stock Exchange Limited
participant means a person who, or a partnership or company that, under the business rules, is entitled to use CHESS; and includes a broker
public issuer means a company that is the issuer of securities that are quoted on the Exchange
SEATS means the Stock Exchange Automated Trading System, an electronic trading system operated by the Exchange.
The essential requirements of the system are—
(i) in the case of a public issuer incorporated in New Zealand and whose securities may be transferred and registered under the system, a requirement that the public issuer issue share certificates in accordance with section 90(1) of the Companies Act 1955 or with section 95(1) of the Companies Act 1993, as the case may be, for securities that are not held on the CHESS subregister or an issuer sponsored subregister but that are held on the certificated register of the public issuer:
(k) the participants using CHESS undertake to indemnify other participants, the public issuer, and the Company against all losses, damages, costs, and expenses suffered or incurred as a result of any inaccurate message transmitted through the computer link.
Schedule approved security: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Schedule paragraph (i): amended, on 26 March 1998, by clause 2 of the Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Amendment Order 1998 (SR 1998/20).