Ask Reggi Your Question Now
Can you summarize S.C. 1996, c. 6, Sch.?
Consolidated Acts > Payment Clearing and Settlement Act
Short Summary
The Payment Clearing and Settlement Act is an Act that regulates systems for the clearing and settlement of payment obligations among financial institutions in Canada. The Act applies to clearing and settlement systems, clearing houses, participants, and the Bank of Canada. Its purpose is to ensure the stability and efficiency of the financial system in Canada by properly designing and operating clearing and settlement systems. The Act provides definitions for key terms such as bank, bridge clearing house, Canadian participant, central counter-party, clearing and settlement system, clearing house, eligible financial contract, Minister, oversight information, participant, payments system risk, receiver, share, systemic risk, and more. The Act also establishes provisions for the regulation and oversight of designated clearing and settlement systems, including the designation and revocation of systems, information sharing, directives to clearing houses and participants, powers of the Bank, settlement provisions, notice and approvals, audits and inspections, resolution of clearing and settlement systems, bridge clearing houses, and more.
Whom does it apply to?
Clearing and settlement systems, clearing houses, participants, Bank of Canada
What does it govern?
Regulation of systems for the clearing and settlement of payment obligations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada