Payment Clearing and Settlement Act

Marginal note:Information requests re systems or arrangements

• 14 (1) Where the Governor of the Bank has reasonable grounds to believe that a system or arrangement exists for the clearing and settlement of payment obligations or payment messages but the Bank requires further information in order to determine whether the system or arrangement is a clearing and settlement system, the Governor may, with the agreement of the Minister, request a person who is a party to the system or arrangement to provide the Bank with such information and documents regarding the system or arrangement as the Bank may require to make the determination.

• Marginal note:Compliance with request required

  (2) Every person to whom a request is directed under subsection (1) shall comply with the request.

• Marginal note:Risk information

  (3) Every clearing house shall provide the Bank with any information and documents that the Bank may require to enable the Bank to determine whether the clearing and settlement system poses a systemic risk or payments system risk, including

  • (a) the names of its participants;

  • (b) copies of its constating documents, by-laws, resolutions, agreements, rules, procedures and other documents governing its establishment and operation;

  • (c) the names of its directors, committee members and auditors;

  • (d) copies of its reports, statements or other documents that are required to be filed with any government authority or regulatory body; and

  • (e) copies of its financial statements.