No. S 652
Payment and Settlement Systems (Finality and Netting) Act
(Chapter 231)
Payment and Settlement Systems (Finality and Netting) (Designated System) (New MAS Electronic Payment and Book-Entry System) Order 2006
In exercise of the powers conferred by section 3 of the Payment and Settlement Systems (Finality and Netting) Act, 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) (New MAS Electronic Payment and Book-Entry System) Order 2006 and shall come into operation on 9th December 2006.
[S 373/2018 wef 06/06/2018]
Designation of system
2.—(1)  The New MAS Electronic Payment and Book-Entry System, being a real-time gross settlement system for —
(a)the transfer of funds;
(b)the settlement of payment obligations; and
(c)the transfer and settlement of book-entry securities and instruments,
between or among participants approved by the Authority under section 29A of the Monetary Authority of Singapore Act (Cap. 186), which incorporates the offline contingency modules and is operated by the Authority, shall be a designated system for the purposes of the Payment and Settlement Systems (Finality and Netting) Act.
(1A)  The settlement institution of the New MAS Electronic Payment and Book‑Entry System is the Authority.
[S 373/2018 wef 06/06/2018]
(2)  In this paragraph, “offline contingency modules” means the modules of the New MAS Electronic Payment and Book-Entry System which are activated when the system experiences severe problems, causing disruption to the normal settlement processes.
[S 390/2012 wef 27/08/2012]

Made this 30th day of November 2006.

HENG SWEE KEAT
Managing Director,
Monetary Authority of Singapore.
[SRD/0/185/2003; AG/LRRD/13/2002/3]
Singapore Statutes Online
© 2024 Attorney-General's Chambers of Singapore,
Last updated 27 Nov 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.