Malaysia legislation
Section 14
of Act 627
Section 14
Operational arrangements
An operator of a designated payment system shall establish the following operational arrangements:
(a)
rules and procedures setting out the rights and liabilities of the operator and the participant and the financial risks the participant may incur;
(b)
procedures, controls and measures for the management of credit, liquidity and settlement risk, including rules determining the time when a payment instruction and a settlement is final;
(c)
criteria for participation in the designated payment system; and
(d)
measures to ensure the safety, security and operational reliability of the designated payment system including contingency arrangements.
Changes to designated payment systems