Payment Clearing and Settlement Act

Marginal note:Notice required of significant changes

• 9 (1) Every clearing house shall, in respect of its designated clearing and settlement system, provide the Bank with reasonable notice in advance of any change to be made by the clearing house that is of a significant nature in relation to the designated clearing and settlement system and, without limiting the generality of the foregoing, the notice shall be provided in respect of any change affecting

  • (a) the constating documents and by-laws of the clearing house;

  • (b) the operation of the designated clearing and settlement system; or

  • (c) the by-laws, agreements, rules, procedures, guides or other documentation governing the designated clearing and settlement system.

• Marginal note:Notice required of other changes

  (2) Every clearing house shall, forthwith after it makes any other change in relation to the designated clearing and settlement system, provide the Bank with written notice of the change and, without limiting the generality of the foregoing, the notice shall be provided in respect of any change affecting

  • (a) the composition of a board of directors of the clearing house due to resignation or otherwise; or

  • (b) the appointed auditor of the clearing house.

• Marginal note:Information to be provided to Bank

  (3) Every clearing house shall, in respect of its designated clearing and settlement system, provide the Bank with such information, at such times and in such form as the Bank may in writing require.