In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · Preliminary
Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · Preliminary
Official textFrom Attorney General's Chambers, unchanged
This Act applies to all transactions cleared or settled in a designated system, subject to such restrictions as the Authority may prescribe.
designated system
“designated system” means a system that is designated by the Authority under section 3 to be a designated system for the purposes of this Act;
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;
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
designated system
“designated system” means a system that is designated by the Authority under section 3 to be a designated system for the purposes of this Act;
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;
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