MIR 4.5.1

A Recognised Clearing House must have clear and fair Business Rules which are legally binding and enforceable against its Members, published and made freely available. Such rules must include:

(a) criteria governing the admission of Members and any other Persons to whom access to its facilities is provided;
(b) criteria governing the admission of investments to trading, or Clearing and settlement, as appropriate to its facilities;
(c) Default Rules; and
(d) any other matters necessary for the proper functioning of the Recognised Clearing House and the facilities operated by it.