3. Designation of system

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

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• designated system

  designated system

  Defined · s 2

  “designated system” means a system that is designated by the Authority under section 3 to be a designated system for the purposes of this Act;

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• operator

  operator

  Defined · s 2

  “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;

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• settlement institution

  settlement institution

  Defined · s 2

  “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;

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• system

  system

  Defined · s 2

  “system” means a system established for —(a)the clearing or settlement of payment obligations; or(b)the clearing, settlement or transfer of book‑entry securities;

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