Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · Transactions Effected Through Designated System
Official textFrom Attorney General's Chambers, unchanged
Subject to the provisions of this Part, the general law of insolvency shall have effect in relation to —
transfer orders effected through a designated system; and
action taken under the rules of a designated system with respect to such orders.
This Part applies, in relation to bankruptcy, judicial management and winding up proceedings, only in respect of a participant.
participant
“participant” means a party to an arrangement that establishes a system;
Notwithstanding that rights or liabilities arising from transfer orders are or may be dealt with in bankruptcy, judicial management or winding up proceedings, this Part does not apply to such proceedings if they are in respect of any person who is not a participant.
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;
participant
“participant” means a party to an arrangement that establishes a system;
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