Payment and Settlement Systems (Finality and Netting) Act 2002 · 2020 Revised Edition · Part 4 · Miscellaneous
17C. Protection from liability
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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.
Rules
“Rules”, in relation to a designated system, means any rules, regulations, by‑laws or other similar body of written statements, by whatever name called, and whether or not contained in the constituent documents of the designated system, that govern the activities and conduct of —(a)the designated system; and(b)any other persons in relation to the designated system;
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;
operator
“operator”, in relation to a designated system, means the person specified in the order referred to in section 3(1) as the operator of the designated system;
“relevant person” means —
an operator, a settlement institution or a collateral holder of a designated system; or
settlement institution
“settlement institution”, in relation to a designated system, means any body corporate that —(a)provides accounts for the participants of the designated system, or facilitates the settlement of transfer orders between the participants in the designated system; and(b)is specified in an order under section 3(1) to be the settlement institution of the designated system;
any officer or employee of an operator, a settlement institution or a collateral holder of a designated system.
collateral holder
“collateral holder”, in relation to a designated system, means any person who has possession, control or ownership of any collateral security of the designated system under an arrangement with the operator of the designated system relating to that collateral security;