Regulation 1
Citation
Amended byS 372/2018 wef 06/06/2018
This Order may be cited as the Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order.
/akn/sg/act/sub_leg/2002/PSSFNA-OR1
Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 2002
- Sections
- 3
Quick answer
About this subsidiary legislation
Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order is Singapore Subsidiary Legislation, cited as Subsidiary Legislation PSSFNA-OR1 2002, currently marked in force and first recorded in 2002.
Regulation 2
Designation of system
Amended byS 372/2018 wef 06/06/2018S 372/2018 wef 06/06/2018
Subregulation 1
Amended byS 372/2018 wef 06/06/2018
The CLS System being a system for settling payment obligations and entitlements and operated by CLS Bank International shall be a designated system for the purposes of the Act.
Subregulation 2
Amended byS 372/2018 wef 06/06/2018
The settlement institution of the CLS System is CLS Bank International.
Regulation 3
Terms and conditions of designation
The designation referred to in paragraph 2 is subject to the following terms and conditions:
(a)
CLS Bank International shall notify the Authority as soon as practicable of —
(i)
any addition or removal of participants to or from the CLS System; and
(ii)
any amendments to the rules (including any default arrangements) of the CLS System; and
(b)
CLS Bank International shall provide to the Authority such information as the Authority may reasonably require for the proper administration of the Act.
Common questions
- What is Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order?
- Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order is Singapore Subsidiary Legislation, cited as Subsidiary Legislation PSSFNA-OR1 2002, currently marked in force and first recorded in 2002.
- Is Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order still in force?
- Yes — Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order is currently in force.
- When did Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order take effect?
- Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order was first recorded in 2002.
- How many regulations does Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order have?
- Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order contains 3 regulations.
- Where can I read the official version of Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order?
- The official text of Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order is published at sso.agc.gov.sg.