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

30. Responsibility of participants

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

(1)

Where a clearing house fails to comply with the obligations imposed on it under this Chapter with respect to its clearing and settlement system or otherwise contravenes the provisions of this Chapter, the participants shall jointly and severally comply with those obligations and they shall be liable for the contravention of those obligations in the same manner and to the same extent, as the clearing house.

(2)

Where a clearing and settlement system does not have a clearing house located in Sri Lanka, the participants located in Sri Lanka—

(i)

shall comply with the obligations imposed under this Chapter on a clearing house with respect to a clearing and settlement system; and

(ii)

shall have all the rights conferred by this Chapter on a clearing house with respect to a clearing and settlement system, in the same manner and to the same extent as if the participants located in Sri Lanka were the clearing house on which those obligations and rights are imposed or conferred respectively.

Any action taken by the Central Bank in respect of the clearing house may only be taken in respect of the participants located in Sri Lanka.

For the purposes of this subsection, a participant incorporated or formed under a law applicable in Sri Lanka is said to be located in Sri Lanka.

Read on from s 31

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV