(1) A Clearing Member shall appoint at least one (1) person as Approved Executive Director.

(2) The Approved Executive Director of a General Clearing Member shall be approved by the Authority as a director in accordance with the SFA.

(3) CDP shall admit an Approved Executive Director into the register of Approved Executive Directors. The Approved Executive Director is to be responsible for ensuring that the Clearing Member complies with this Clearing Rules, and any Clearing Directives (where applicable).