Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · Transactions Effected Through Designated System
Official textFrom Attorney General's Chambers, unchanged
Without prejudice to the generality of section 8, no order shall be made by a court under section 148 of the Insolvency Act (Chapter 247) in relation to a transfer order or any disposition of property in pursuance of the order.
transfer order
“transfer order” means — (a) an instruction by a participant to place at the disposal of a recipient an amount of money by means of a book-entry on the accounts of a settlement institution for a designated system, or an instruction which, when settled, results in the assumption or discharge of a payment obligation as defined by the rules of a designated system; or (b) an instruction by a participant either to settle an obligation for the transfer of book-entry securities, or for the transfer of such securities.
disposition of property
“disposition of property” includes a payment made into or out of an account of a participant;
transfer order
“transfer order” means — (a) an instruction by a participant to place at the disposal of a recipient an amount of money by means of a book-entry on the accounts of a settlement institution for a designated system, or an instruction which, when settled, results in the assumption or discharge of a payment obligation as defined by the rules of a designated system; or (b) an instruction by a participant either to settle an obligation for the transfer of book-entry securities, or for the transfer of such securities.
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