Singapore legislation
Clause 7
of Payment and Settlement Systems (Finality and Netting) Bill
Clause 7
Transactions under rules of designated system are final and irrevocable
(1)
This section shall apply where the rules of a designated system provide that —
(a)
the transfer of funds into and out of an account of a participant;
(b)
the settlement of any payment obligation; or
(c)
the settlement and transfer of book-entry Government securities,is final and irrevocable.
(2)
Notwithstanding anything to the contrary in any written law or rule of law, any transfer or settlement referred to in subsection (1) shall not be reversed, repaid or set aside and no order shall be made by any court for the rectification or stay of such transfer or settlement.