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Subsidiary Legislation

Payment and Settlement Systems (Finality and Netting) (Designated System) (New MAS Electronic Payment and Book-Entry System) Order 2006

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reg 1Citation and commencement

This Order may be cited as the Payment and Settlement Systems (Finality and Netting) (Designated System) (New MAS Electronic Payment and Book-Entry System) Order 2006 and shall come into operation on 9th December 2006.

reg 2Designation of system

(1)

The New MAS Electronic Payment and Book-Entry System, being a real-time gross settlement system for —

(a)

the transfer of funds;

(b)

the settlement of payment obligations; and

(c)

the transfer and settlement of book-entry securities and instruments,between or among participants approved by the Authority under section 29A of the Monetary Authority of Singapore Act (Cap. 186), which incorporates the offline contingency modules and is operated by the Authority, shall be a designated system for the purposes of the Payment and Settlement Systems (Finality and Netting) Act.

(1A)

The settlement institution of the New MAS Electronic Payment and Book‑Entry System is the Authority.

(2)

In this paragraph, “offline contingency modules” means the modules of the New MAS Electronic Payment and Book-Entry System which are activated when the system experiences severe problems, causing disruption to the normal settlement processes.

Subregulation 1

The New MAS Electronic Payment and Book-Entry System, being a real-time gross settlement system for —

(a)

the transfer of funds;

(b)

the settlement of payment obligations; and

(c)

the transfer and settlement of book-entry securities and instruments,between or among participants approved by the Authority under section 29A of the Monetary Authority of Singapore Act (Cap. 186), which incorporates the offline contingency modules and is operated by the Authority, shall be a designated system for the purposes of the Payment and Settlement Systems (Finality and Netting) Act.

Subregulation 1A

The settlement institution of the New MAS Electronic Payment and Book‑Entry System is the Authority.

Subregulation 2

In this paragraph, “offline contingency modules” means the modules of the New MAS Electronic Payment and Book-Entry System which are activated when the system experiences severe problems, causing disruption to the normal settlement processes.