Section 7
Transactions under Rules of designated system are final and irrevocable
of Payment and Settlement Systems (Finality and Netting) Act 2002
ActIn forceProvision 8 of 30
Section 7
Amended by4/20184/2018
(1)
This section applies 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 netting or settlement of any payment obligation; or
(c)
the settlement and transfer of book-entry securities,is final and irrevocable.
Amended by4/2018
(2)
Despite anything to the contrary in any written law or rule of law, any transfer, netting or settlement referred to in subsection (1) must not be reversed, repaid or set aside and no order is to be made by any court for the rectification or stay of the transfer, netting or settlement.
Amended by4/2018