Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · General
18. Regulations
Official textFrom Attorney General's Chambers, unchanged
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations which are necessary or expedient for giving effect to and carrying out the provisions of this Act, including the prescription of fees and of any other thing required to be or which may be prescribed under this Act, and for the due administration thereof.
Such regulations may include such incidential, consequential and supplementary provisions as the Minister considers necessary or expedient.
Without prejudice to the generality of subsection (1), the Minister may make regulations for the following purposes —
Payment and Settlement Systems
(Finality and Netting)
netting
“netting” means the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant either issues to, or receives from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;
ensuring the integrity of and the fair and orderly conduct of designated systems; and
disclosure and provision to the Authority of such information as may be prescribed.
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
netting
Defined · s 2“netting” means the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant either issues to, or receives from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;