Singapore legislation
Regulation 2
Regulation 2
Designation of system
Subregulation 1
The New MAS Electronic Payment and Book-Entry System, being a real-time gross settlement system for —
the transfer of funds;
the settlement of payment obligations; and
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.