Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

Marginal note:Definitions

1 The following definitions apply in this By-law.

ACSS cycle

ACSS cycle means the period beginning immediately after the final adjustment time on a given business day and ending with the final adjustment time on the next business day. (cycle du SACR)

Automated Clearing Settlement System

Automated Clearing Settlement System or ACSS means the system into which direct clearers, group clearers, clearing agents and the Bank of Canada make entries for the purpose of clearing. (système automatisé de compensation et de règlement ou SACR)

business day

business day means any day other than an ACSS holiday specified in the rules. (jour ouvrable)

clearing

clearing means the reconciliation of payment items that were exchanged and the calculation of the clearing balances. (compensation)

clearing agent

clearing agent means the direct clearer or group clearer appointed under subsection 33(1) that, on behalf of an indirect clearer, exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (agent de compensation)

clearing balance

clearing balance means the total of the net amounts owing to or by a member as a result of clearing. (solde de compensation)

direct clearer

direct clearer means a member, other than the Bank of Canada, appointed under section 26 that, on its own behalf, exchanges payment items and makes entries into the ACSS. (adhérent)

exchange

exchange means the delivery and receipt of payment items. (échange)

federal credit union

federal credit union has the same meaning as in section 2 of the Bank Act. (coopérative de crédit fédérale)

final adjustment time

final adjustment time means the time, set out in the rules, prior to which the correction of errors affecting the calculation of the clearing balance of a direct clearer or group clearer for the current ACSS cycle must be made. (heure finale de rajustement)

final exchange

final exchange means the last exchange of payment items at each regional exchange point for the current ACSS cycle. (échange final)

group

group means a group described in section 28 and includes the group clearer. (groupe)

group clearer

group clearer means a member that, on its own behalf or on behalf of the entities belonging to the group in respect of which it is appointed in accordance with section 28, exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (adhérent-correspondant de groupe)

indirect clearer

indirect clearer means a member on behalf of which a clearing agent exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (sous-adhérent)

pledge

pledge means a grant to the Bank of Canada of security in collateral to guarantee an advance of funds that the Bank of Canada may make for the purposes described in section 34.2 and includes a grant of security in which the Bank of Canada does not take possession of the collateral. (nantissement)

regional exchange point

regional exchange point means each location in Canada designated in the rules for the exchange of payment items among direct clearers, group clearers and clearing agents, or between one of them and the Bank of Canada, and includes the National Electronic Settlement Region within the meaning of the rules. (point régional d’échange)

settlement

settlement means the payment of the clearing balance. (règlement)