45. Operational arrangements

rules, procedures and requirements setting out the rights, liabilities or any other obligations of—

the operator and participants of the designated payment system;

the approved operator of a payment system and its participants; and

the approved issuer of a designated Islamic payment instrument and its users, including the risks that such participants or users may incur;

measures to ensure the safety, security and operational reliability of the designated payment system, payment system set out in Part 1 of Schedule 1 or the designated

procedures, controls and measures for the management of credit, liquidity or settlement risk, including rules determining the time when a transfer order is final in the case of payment systems that have been issued a certificate of finality by the Bank under section 48; and

criteria for participation in the designated payment system or payment system set out in Part 1 of Schedule 1.