Singapore legislation
Clause 3
of Payment and Settlement Systems (Finality and Netting) (Amendment) Bill
Clause 3
Repeal and re-enactment of section 3
Section 3 of the principal Act is repealed and the following section substituted therefor:“Designation of system3.—
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 —
trigger, cause or transmit disruption to other participants;
trigger or cause systemic disruption to the financial system of Singapore; or
affect public confidence in the payment systems of Singapore or in the financial system of Singapore.(2) Any order made under subsection (1) —
must specify the operator and settlement institution of the designated system; and
has effect until the order is revoked by the Authority.”.