Legal Structure
The legal framework of RITS is contractual, based on the RITS Regulations (PDF) and associated RITS Membership Agreements. The RITS Regulations set out the rules for the operation of RITS and the rights and obligations of Members and the Reserve Bank of Australia. Reciprocal Purchase Transactions entered into with the Reserve Bank are governed by the SIFMA/ICMA Global Master Repurchase Agreement (2011 version), as amended and supplemented by Annexure A of the RITS Regulations.
A standard agreement is executed between each Member and the Reserve Bank to bind the Member to the Regulations. A template RITS Membership Agreement is contained in Annexure E of the RITS Regulations.
If a Member has any additional conditions of membership, these will be contained in an Attachment A to the Member's RITS Membership Agreement. Conditions of membership may relate to: operational or liquidity requirements; use of an agent for RTGS transactions; Members that do not hold an ESA; membership as a Batch Administrator; or any other condition imposed by the Reserve Bank.
All Members are required to provide the Reserve Bank with an up-to-date list of RITS Authorised Signatories. This list contains the names and specimen signatures of persons authorised to sign in the name and on behalf of the Member. To notify the Reserve Bank of their Authorised Signatories, Members must complete, as relevant, a List of RITS Authorised Signatories form (PDF) or a List of RITS Authorised Signatories (OMO) form (PDF).
RITS documents must be signed in accordance with the Signing Instructions for RITS Membership Legal Documents (PDF).
Previous Legal Documents