Skip to content
srilawsby aturio
As enacted
Contents

Part II · Payment, Clearing and Settlement Systems and Money Services

19. Designated clearing and settlement systems

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Where the Central Bank is of the opinion that a clearing and settlement system may be operated in such a manner as to pose a risk to the financial system of Sri Lanka, the Central Bank may designate the clearing and settlement system as a systemically important clearing and settlement system which is subject to the provisions of this Chapter.

(2)

The Central Bank shall in writting, notify a designated clearing and settlement system’s clearing house of the designation and shall cause a copy of the designation to be published in the Gazette. The designation shall be effective as from the date of the making of the relevant notification.

(3)

Designation of a clearing and settlement system as systemically important under Chapter IV of this Part of the

Act may be in addition to the designation of the same system as a payment system which is subject to additional regulation, supervision and monitoring under Chapter III of this Part of this Act :

Provided however, where there is a designation made in terms of both Chapters of this Part of the Act as aforesaid, it shall be incumbent on the persons who are subject to the provisions of Chapters III and IV of this Act, to comply with the requirements under both Chapters respectively

Read on from s 20

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV