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In forceAmended2004 Revised Edition
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Subsidiary Legislation

Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order

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Official textFrom Singapore Statutes Online, unchanged

reg 1Citation

This Order may be cited as the Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order.

reg 2Designation of system

(1)

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.

(2)

The settlement institution of the CLS System is CLS Bank International.

Subregulation 1

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

The settlement institution of the CLS System is CLS Bank International.

reg 3Terms 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.