Singapore legislation
Clause 19
of Payment and Settlement Systems (Finality and Netting) (Amendment) Bill
Clause 19
New section 17C
The principal Act is amended by inserting, immediately before section 18, the following section:“Protection from liability17C.—
No liability shall be incurred by a relevant person for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the execution or purported execution of any function, duty or power of that relevant person under this Act or under the Rules of a designated system.(2) In this section —“officer”, in relation to an operator, a settlement institution or a collateral holder of a designated system, means any director, partner, chief executive, manager, secretary or other similar officer of that operator, settlement institution or collateral holder;“relevant person” means —
an operator, a settlement institution or a collateral holder of a designated system; or
any officer or employee of an operator, a settlement institution or a collateral holder of a designated system.”.