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(2) The group clearer shall, immediately on ceasing to act,
(c) give notice of its decision to the other entities belonging to the group for which it is a group clearer or to every indirect clearer for which it acts as clearing agent, as the case may be; and
(d) in so far as is practicable, to give notice of its decision to the direct clearers and other group clearers.
(4) The direct clearers and other group clearers shall immediately notify every indirect clearer for which they act as a clearing agent or every entity belonging to the group for which they act as a group clearer of that decision.
(3) The clearing agent shall, immediately on ceasing to act,
(b) give notice of its decision to the President, to its other indirect clearers and to the other clearing agents acting for the indirect clearer and, in so far as is practicable, give notice of its decision to the other direct clearers and group clearers.
(5) Every other direct clearer or group clearer shall immediately notify every indirect clearer for which it acts as clearing agent or every entity belonging to the group for which it acts as group clearer, as the case may be, of that decision.
(2) If a member’s status as direct clearer or group clearer is revoked, its status as clearing agent is also revoked.
(3) The President shall, as soon as practicable, notify all members of the revocation.
33 (1) The Board may, on completion by a direct clearer or group clearer of the application procedures set out in the rules, appoint it to act as a clearing agent if the direct clearer or group clearer meets the technical, financial and other requirements set out in the rules.
(2) A group clearer that has been appointed to act as a clearing agent for an indirect clearer may, in accordance with the rules, designate a central that belongs to the group where the settlement account of that indirect clearer is maintained and the loan facility of that indirect clearer is established.
(3) The designation of a central in accordance with subsection (2) by the group clearer appointed to act as a clearing agent does not preclude the group clearer from remaining subject to all obligations applicable to clearing agents set out in this By-law and in the applicable rules.
