Sri Lanka Consolidated Acts

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Payment And Settlement Systems Act (No. 28 of 2005) - Sect 20

Agreements with clearing house or participant

20.
(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.

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