Waiver details

Eligibility for admission to Exchange

10. Participant

10.1 Participant is of good character and high business integrity and has undertaken to the Exchange and to the applicant to comply with and be bound by the Constitution and Rules of the Exchange in connection with the financial services business to be conducted as a participant by the applicant to allow compliance by the Applicant with those constitution and Rules to the extent necessary;

 (e) hold a licence which authorises the applicant to carry on the business of being a participant;

 (f) have the required financial resources to meet its obligations as a participant, by:

       (i) submitting monthly surplus liquid funds reports to the Exchange Examining Accountant;

       (ii) satisfying the minimum financial resources required under Part E rule 1.1; and

PART E Financial Requirements and record keeping

Financial Requirements

1. Liquidity Requirements

1.1 Subject to obtaining an exemption under Rule 1.5 below, a participant carrying on business as Principal or in partnership shall ensure at all times that the surplus liquid funds in the business is not less than $50,000 or 5% of the adjusted liabilities whichever is the greater, or such other amount as required or approved of by the Australian Securities and Investment Commission.

1.2 All participants shall prepare and keep available for inspection by the Exchange Examining Accountant a summary return, as may be prescribed by the board from time to time, showing the level of surplus liquid funds, the level of adjusted liabilities and the level of surplus liquid funds as a proportion of adjusted liabilities.

1.3 All participants shall forward to the Exchange Examining Accountant a completed return of surplus liquid funds calculations, no later than 5.00 p.m. on the fifth business day next following the last day of the preceding calendar month.

1.4 All participants shall forward to the Exchange Examining Accountant a completed return of aged debtors, as may be prescribed by the board from time to time, by no later than 5.00 p.m. on the fifth business day following the last day of the preceding calendar month.

1.5 The board may at any time or from time to time in the case of a particular participant grant an exemption from these liquidity requirements on such terms as the board may determine. The board will notify the ASIC of any such exemption. Unless the prior approval of the ASIC has been obtained, such an exemption must not last for longer than 30 days.

1.6 Each participant shall notify the Exchange immediately if its surplus liquid funds are at any time less than the minimum amount required by Rule 1.1 above

Class waiver provided to all NSX Participants until the NSX Business Rules have undergone a successful update.