No. S 620
Payment and Settlement Systems (Finality and Netting) Act 2002
(Act 39 of 2002)
Payment and Settlement Systems (Finality and Netting) (Designated System) Order 2002
In exercise of the powers conferred by section 3 of the Payment and Settlement Systems (Finality and Netting) Act 2002, the Monetary Authority of Singapore hereby makes the following Order:
Citation and commencement
1.  This Order may be cited as the Payment and Settlement Systems (Finality and Netting) (Designated System) Order 2002 and shall come into operation on 9th December 2002.
Designation of system
2.  The CLS System being a system for settling payment obligations and entitlements arising from foreign exchange transactions and operated by CLS Bank International shall be a designated system for purposes of the Act.
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.

Made this 4th day of December 2002.

KOH YONG GUAN
Managing Director,
Monetary Authority of Singapore.
[MIR/0/181/2002; AG/LRRD/13/2002/3]
Singapore Statutes Online
© 2024 Attorney-General's Chambers of Singapore,
Last updated 30 Nov 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.