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]