The order of precedence of the following instruments applicable to the CDP and Clearing Members shall be (in descending order of precedence):

(1) Legislation;
(2) these Clearing Rules (excluding Directives, Regulatory Notices and Circulars);
(3) Directives;
(3A) Regulatory Notices;
(4) Circulars;
(5) terms and conditions governing the operations, facilities and services provided by CDP; and
(6) Practice Notes.

Amended on 26 April 201326 April 2013 and 10 December 201810 December 2018.