Payment and Settlement Systems (Finality and Netting) Act · s 15

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s 15Preservation of rights etc.

(1)

Except to the extent that it expressly provides, this Act shall not operate to limit, restrict or otherwise affect —

(a)

any right, title, interest, privilege, obligation or liability of a person resulting from the underlying transaction in respect of a transfer order which has been entered into a designated system; or

(b)

any investigation, legal proceeding or remedy in respect of any such right, title, interest, privilege, obligation or liability.

(2)

Nothing in subsection (1) shall be construed to require —

(a)

the unwinding of any netting done by the operator of a designated system, whether pursuant to its default arrangements or otherwise;

(b)

the revocation of any transfer order given by a participant which is entered into a designated system; or

(c)

the reversal of a payment or settlement made under the rules of a designated system.