Regulatory Alerts2014-01-01
Payment Systems Act, 2014
Enacted by the Parliament of Lesotho, this Act establishes a comprehensive legal framework for managing interbank payment systems, clearing houses, and securities settlement systems. It empowers the Central Bank of Lesotho to license, inspect, and supervise payment operators while creating a dedicated Payment Systems Management Body to set technical standards and regulate participant access. The legislation introduces critical provisions for financial collateral, close-out netting, insolvency exemptions, and electronic evidence to mitigate systemic risk and ensure national financial stability.
Share