The hierarchy/order of precedence of the various legislative and quasi-legislative instruments applicable to the Market and its participants shall be, in descending order of precedence, as follows:
- The statutory Act and related regulations
- The rules contained in the Rulebook
- Directives issued pursuant to the Rulebook
- Practice Notes
- Circulars
In the event of a conflict between any provisions in the aforesaid instruments provisions contained in the "higher level" instruments shall prevail.
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