Singapore legislation
Section 29A
Section 29A
Real-time gross settlement system
(1)
The Authority may establish and operate one or more real-time gross settlement systems for the transfer of funds, settlement of payment obligations and the transfer and settlement of book-entry securities and instruments between or among participants approved by the Authority.
(2)
A settlement system may be linked to another system in Singapore or elsewhere for the clearing or settlement of payment obligations, securities or instruments and whether or not such system is operated on a real-time gross settlement basis.
(3)
The Authority may enter into agreements with participants of a settlement system and issue to the participants in writing rules for the operation of the settlement system and such rules are not deemed to be subsidiary legislation.
(4)
Without limiting subsection (3), such rules may provide —
for the appointment of the Authority as a certification authority for the purpose of issuing certificates for participants;
for the conduct of participants;
for the authentication of transactions carried out electronically;
for the Authority, if it considers it necessary in the interests of the system, to stop or suspend the operation of the system or to stop or suspend the privileges or rights of any participant or class of participants;
for the appointment of auditors or inspectors for the auditing or inspection of the operating systems of participants in respect of the settlement system; and
for the payment of fees to the Authority.
(5)
The Authority, any officer or employee of the Authority, or any person acting under the direction of the Authority, shall not be liable for any loss or damage suffered by any person or participant arising from, directly or indirectly, the use of a settlement system by any participant unless such loss or damage results from a reckless act or omission or any intentional misconduct of any officer or employee of the Authority or any person acting under the direction of the Authority.
(6)
The Payment and Settlement Systems (Finality and Netting) Act 2002 has effect in relation to a settlement system established and operated by the Authority under this section if the settlement system is designated under section 3 of that Act.
(7)
A settlement system established and operated by the Authority under section 59A of the Banking Act 1970 before 9 December 2002 continues and is deemed to have been established and operated by the Authority under this section.
(8)
In this section —
Definition
“book-entry securities and instruments” means any securities and instruments that are transferable by a book-entry on a register or otherwise, and are —
issued by the Government under any written law; or
approved by the Authority for clearing, settlement or transfer through or under a settlement system;
Definition
“certificate” has the meaning given in the Third Schedule to the Electronic Transactions Act 2010;
Definition
“certification authority” has the meaning given in the Third Schedule to the Electronic Transactions Act 2010;
Definition
“participant” means a person approved by the Authority to be a participant of a settlement system, and includes the Authority where it participates in the settlement system;
Definition
“real-time gross settlement system” means a system which can effect final settlement of funds, payment obligations and book-entry securities and instruments on a continuous basis during such operating hours of a processing day as the Authority may determine and on a transaction‑by‑transaction basis;
Definition
“settlement system” means any real-time gross settlement system established under subsection (1).