Regulatory Alerts2019-04-08
Added · Updated
Notice FNA-N01 Criteria of Rules of a Designated System
The Monetary Authority of Singapore sets criteria for the Rules of a designated system under the Payment and Settlement Systems (Finality and Netting) Act 2002, applying to operators, settlement institutions, and collateral holders. The Rules must define specific terms such as book-entry securities, netting, and default arrangements, and clearly establish the precise points at which transfers, netting, or settlement become final and irrevocable. Additionally, the Rules must outline steps ensuring precedence over insolvency law and detail procedures for handling transfer orders and netting up to one business day after a participant's bankruptcy, judicial management, or winding up resolution.
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