Payment and Settlement Systems (Finality and Netting) Act 2002
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 Interpretation
3 Designation of system
4 Revocation of designation
4A Prohibition against holding out as operator or settlement institution of designated system
5 Application of this Act
Part 2 TRANSACTIONS EFFECTED THROUGH DESIGNATED SYSTEM
6 Modifications of law of insolvency
7 Transactions under Rules of designated system are final and irrevocable
8 Proceedings of designated system take precedence over law of insolvency
9 Disclaimer of property, restriction on dispositions of property, etc.
10 Adjustment of prior transactions
11 Net sum payable on completion of action taken under default arrangements
12 Transfer orders entered into designated system after insolvency
Part 3 NETTING
13 Netting
Part 4 MISCELLANEOUS
14 Law of insolvency in other jurisdictions
15 Preservation of rights, etc.
15A Provision of information to Authority
15B Obligation to notify Authority of certain events
16 Obligation to notify operator of designated system of insolvency
17 Composition of offences
17A Offences by corporations
17B Offences by unincorporated associations or partnerships
17C Protection from liability
18 Jurisdiction of District Court
19 Appointment of assistants
19A Power of Authority to approve Rules of designated system
20 Power to make regulations
20A Power to issue written directions
20B Exemption
21 Settlement system deemed to be designated system under this Act