Payment and Settlement Systems (Finality and Netting) Act
(Chapter 231, Section 3)
Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order
O 1
G.N. No. S 620/2002

REVISED EDITION 2004
(29th February 2004)
[9th December 2002]
Citation
1.  This Order may be cited as the Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) Order.
[S 372/2018 wef 06/06/2018]
Designation of system
2.—(1)  The CLS System being a system for settling payment obligations and entitlements and operated by CLS Bank International shall be a designated system for the purposes of the Act.
[S 372/2018 wef 06/06/2018]
(2)  The settlement institution of the CLS System is CLS Bank International.
[S 372/2018 wef 06/06/2018]
Terms and conditions of designation
3.  The designation referred to in paragraph 2 is subject to the following terms and conditions:
(a)CLS Bank International shall notify the Authority as soon as practicable of —
(i)any addition or removal of participants to or from the CLS System; and
(ii)any amendments to the rules (including any default arrangements) of the CLS System; and
(b)CLS Bank International shall provide to the Authority such information as the Authority may reasonably require for the proper administration of the Act.
[G.N.Nos. S 620/2002; S 558/2007]
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