No. S 619
| Payment and Settlement Systems (Finality and Netting) Act 2002 |
(Act 39 of 2002)
| Payment and Settlement Systems (Finality and Netting) (Transitional Provisions) Regulations 2002 |
|
| Citation and commencement |
| 1. These Regulations may be cited as the Payment and Settlement Systems (Finality and Netting) (Transitional Provisions) Regulations 2002 and shall come into operation on 9th December 2002. |
| Agreements entered into under section 59A of Banking Act |
| 2. Any agreement entered into by the Authority under 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 section 59A of Banking Act |
| 3. Any rules issued by the Authority under section 59A of the Banking Act (Cap. 19) 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 (Cap. 186) 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. |
| Pending acts and proceedings |
| 4. Any act or proceedings commenced before 9th December 2002 by or on behalf of the Authority under section 59A of the Banking Act 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 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. |
Made this 4th day of December 2002.
Managing Director, Monetary Authority of Singapore. |
| [MIR/0/181/2002; AG/LRRD/13/2002/3] |