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srilawsby aturio
As enacted
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Part II · Payment, Clearing and Settlement Systems and Money Services

29. Central Bank may require proof of the existence of a clearing system

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

(1)

The Central Bank may, where it has reasonable grounds to believe that a system or arrangement exists for the clearing and settlement of payment obligations, request a person who is a party to the system or arrangement to provide the Central Bank with further information, records and documents relating to the system or arrangement as the

Central Bank may require, in order to make a determination on the existence of the clearing and settlement system.

(2)

Every person who is required under subsection (1) to provide information, records and documents shall comply with such request.

(3)

Every clearing house shall, in respect of its clearing and settlement system provide the Central Bank with such information and documents as the Central Bank may from time to time require to enable the Central Bank to determine whether the clearing and settlement system poses a risk to the financial system. Without limiting the generality of the foregoing, the clearing house shall, in respect of the clearing and settlement system, provide the Central Bank with :—

(a)

the names of its participants;

(b)

copies of all documents relating to the formation, establishment, constitution, governance and operation of the clearing house, including

Memorandum of Association, by-laws, and relevant resolutions, agreements, rules and procedures;

(c)

the names of directors, committee members and auditors of the clearing house;

(d)

copies of its reports, statements, or other documents that are required to be filed with any government agency or regulatory body; and

(e)

copies of its financial statements.

(4)

No participant is required to provide information to the

Central Bank under this Chapter concerning another participant of a clearing and settlement system if that information has not been made available to all the participants.

Read on from s 30

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV