Singapore legislation
Regulation 2
Regulation 2
Designation of system
Subregulation 1
Subject to sub‑paragraph (2), the Fast and Secure Transfers, being a system —
that provides real‑time Singapore‑Dollar fund transfers for the clearing of payment obligations undertaken by the Automated Clearing House;
that is operated by Banking Computer Services Private Limited; and
the settlement institution of which is the Authority,is a designated system for the purposes of the Act.
Subregulation 2
The Banking Computer Services Private Limited must provide to the Authority any information that the Authority reasonably requires for the proper administration of the Act.
Subregulation 3
In this paragraph, “Automated Clearing House” means the Automated Clearing House that is established under regulation 3 of the Banking (Clearing House) Regulations (Cap. 19, Rg 1).