Singapore legislation
Regulation 13
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 13
Rights and liabilities connected with designated system
Subregulation 1
This regulation applies where —
a right or liability arising from a transfer order effected through a designated system has yet to be settled by the transferor; and
a failure to transfer the right or liability when transferring a part of the transferor’s business is likely to result in a disruption of the operation of the designated system.
Subregulation 2
A transfer of a part (but not the whole) of the business of the transferor under section 66 of the Act —
must not take effect until after the right or liability is settled; or
must include the transfer of —
the right or liability; and
any security posted by the transferor in accordance with the designated system rules.
Subregulation 3
Without limiting the circumstances that constitute a disruption of the operation of a designated system, either of the following is considered a disruption of the operation of the designated system in paragraph (1):
a disruption of the netting or settlement (in accordance with the designated system rules) of a transfer order that is effected through the designated system;
a disruption of any process to be observed under the designated system rules, upon a default of a participant of the designated system.