| Payment and Settlement Systems (Finality and Netting) Act |
(Chapter 231, Section 23)
| Payment and Settlement Systems (Finality and Netting) (Transitional Provisions) Regulations |
| Rg 1 |
| G.N. No. S 619/2002 |
| REVISED EDITION 2004 |
| (29th February 2004) |
| [9th December 2002] |
| Citation |
| 1. These Regulations may be cited as the Payment and Settlement Systems (Finality and Netting) (Transitional Provisions) Regulations. |
| Agreements entered into under repealed section 59A of Banking Act |
| 2. Any agreement entered into by the Authority under the repealed section 59A of the Banking Act (Cap. 19) and in force immediately before 9th December 2002 shall continue in force and shall be enforceable by or against the Authority as if it were entered into under section 29A of the Monetary Authority of Singapore Act (Cap. 186). |
| Rules issued under repealed section 59A of Banking Act |
| 3. Any rules issued by the Authority under the repealed section 59A of the Banking Act and in force immediately before 9th December 2002 shall be deemed to have been issued under section 29A of the Monetary Authority of Singapore Act and shall continue in force until they are revoked by the Authority or replaced by rules issued under section 29A of the Monetary Authority of Singapore Act (Cap. 186). |
| Pending acts and proceedings |
| 4. Any act or proceedings commenced before 9th December 2002 by or on behalf of the Authority under the repealed section 59A of the Banking Act (Cap. 19) may be carried on and completed under section 29A of the Monetary Authority of Singapore Act. |
| Existing directions, notices, etc. |
| 5. Notwithstanding the repeal of section 59A of the Banking Act, any direction, notice or circular issued to the participants of a settlement system operated by the Authority under the repealed section 59A of the Banking Act and which is in force immediately before 9th December 2002 shall continue in force until it is revoked by the Authority. |