Payment and Settlement Systems (Finality and Netting) Act 2002 s 3
Payment and Settlement Systems (Finality and Netting) Act 2002 s 3
s 3 Designation of system
3.—(1) The Authority may, by order in the Gazette, designate a system to be a designated system for the purposes of this Act, if the Authority is satisfied that a disruption in the operations of the system may —(a)
trigger, cause or transmit disruption to other participants;
(b)
trigger or cause systemic disruption to the financial system of Singapore; or
(c)
affect public confidence in the payment systems of Singapore or in the financial system of Singapore.[4/2018]
(2) Any order made under subsection (1) —(a)
must specify the operator and settlement institution of the designated system; and
(b)
has effect until the order is revoked by the Authority.[4/2018]
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