In this subchapter, "clearing corporation" means:

1. (1) a clearing corporation as defined by Section 8.102(a), Business & Commerce Code; or

2. (2) a clearance system that:

   1. (A) is organized or operating under the laws of at least one foreign country;
   2. (B) provides for book-entry settlement and custody of internationally traded securities; and
   3. (C) has been organized and in operation for not less than 15 consecutive years.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.