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

20. Agreements with clearing house or participant

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

(1)

The Central Bank may issue rules, instructions and directions and may enter into any agreement with a clearing house or a participant of a designated clearing and settlement system, or both, in respect of the following matters :—

(a)

netting arrangements;

(b)

risk sharing and risk control mechanisms ;

(c)

certainty of settlement and finality of payment;

(d)

the nature of financial arrangements among participants ;

(e)

the operational systems and financial soundness of the clearing house; and

(f)

such other matters that in the view of the Monetary

Board pertain to a risk to the financial system.

(2)

The Minister may make regulations in respect of all or any of the matters specified in paragraphs (a) to (f) of subsection (1) and in the event of a conflict between any rule, instruction, direction or agreement and any regulations made in that behalf under this Act, such regulation shall prevail.

Read on from s 21

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV