Section 38
Power of Bank to issue certificate of finality
of Financial Services Act 2013
ActIn forceProvision 38 of 124
Section 38
The Bank may, with the concurrence of the Minister, by an order published in the Gazette, issue a certificate of finality to a designated payment system where the following criteria are met:
(a)
the payment system poses or is likely to pose a systemic risk;
(b)
the settlement of transfer order is effected within the designated payment system itself; and
(c)
the operator of the payment system has complied with the requirements as may be specified by the Bank.