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Can you summarize SOR /2019-257?
Consolidated Regulations > Payment Clearing and Settlement Regulations
Short Summary
The Payment Clearing and Settlement Regulations govern the payment clearing and settlement activities in Canada. These regulations apply to participants in a clearing and settlement system, clearing houses, shareholders, holders of ownership interests, creditors, and any person or entity involved in a clearing and settlement system. The regulations define various terms such as ‘affiliate,’ ‘control,’ and ‘subsidiary.’ They also establish requirements for resolution plans, compensation for participants and shareholders in case of non-viability, and disclosure of oversight information. The regulations do not mention any specific exemptions or penalties. Overall, these regulations aim to ensure the stability and efficiency of payment clearing and settlement systems in Canada.
Whom does it apply to?
Participants in a clearing and settlement system, clearing houses, shareholders, holders of ownership interests, creditors, and any person or entity involved in a clearing and settlement system
What does it govern?
Payment Clearing and Settlement Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada