Singapore legislation
Section 3
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 3
Designation of system
Amended by4/20184/2018
(1)
The Authority may, by order in the Gazette, designate a system to be a designated system for the purposes of this Act, if the Authority is satisfied that a disruption in the operations of the system may —
(a)
trigger, cause or transmit disruption to other participants;
(b)
trigger or cause systemic disruption to the financial system of Singapore; or
(c)
affect public confidence in the payment systems of Singapore or in the financial system of Singapore.
Amended by4/2018
(2)
Any order made under subsection (1) —
(a)
must specify the operator and settlement institution of the designated system; and
(b)
has effect until the order is revoked by the Authority.
Amended by4/2018