International Payment Items
Marginal note:Classes of international payment items
8 International payment items that are specified in the rules and that fall within a class specified in the rules may be exchanged for the purpose of clearing and settlement.
Payment Items in Dispute
9 Members shall not exchange, for the purpose of clearing and settlement, payment items in dispute within the meaning of the rules.
10 [Repealed, SOR/2012-161, s. 5]
11 [Repealed, SOR/2012-161, s. 5]
12 [Repealed, SOR/2012-161, s. 5]
13 [Repealed, SOR/2012-161, s. 5]
DIVISION 4Exchange, Clearing and Settlement
Marginal note:Exchange irrevocable and irreversible
14 Every exchange of a payment item shall become irrevocable and irreversible at the time specified in the rules or, failing such time, when settlement is effected.
Marginal note:Compliance with by-laws and rules
15 Every member shall exchange payment items in accordance with the by-laws and the rules and ensure that its payment items comply with the provisions of the by-laws and the rules.
Marginal note:Settlement account — indirect clearers
Marginal note:Loan facilities
(2) Every indirect clearer shall establish a loan facility with each of its clearing agents.
Marginal note:Settlement account and loan facility
(3) An indirect clearer may maintain a settlement account and establish a loan facility with a central that has been designated in accordance with subsection 33(2).
- SOR/2012-161, s. 6.
DIVISION 5Return of Payment Items
Marginal note:Returns in accordance with the rules
17 Despite section 14, payment items, the exchange of which becomes irrevocable and irreversible when settlement is effected, may be returned after settlement in accordance with, and for the reasons set out in, the rules.
Marginal note:Acceptance of returned payment items
18 Every member shall accept payment items returned to it in accordance with the rules.
PART 2Automated Clearing Settlement System
19 This Part applies to the exchange of payment items giving rise to clearing through the ACSS, and to the clearing of those payment items and the resulting settlement.
Marginal note:Exclusion of liability
20 Neither the Association nor a director, an officer or an employee is liable for any loss or damage suffered by a member for anything done or omitted to be done, honestly and in good faith, in relation to the ACSS, in the administration or discharge of any powers or duties that under this By-law are intended or authorized to be executed or performed.
- SOR/2010-43, s. 57.
21 The Association owns the ACSS.
Marginal note:ACSS operated by Association
22 The operation, management and ongoing maintenance of the ACSS form part of the business of the Association.
Marginal note:Operation of ACSS
23 Subject to section 46 and except in case of a national failure of the ACSS within the meaning of the rules, the Association shall ensure that the ACSS is operational on all business days.
Marginal note:Access to information
24 Access to information relating to clearing and to the operation of the ACSS shall be governed by the rules.
DIVISION 3Participation in the ACSS
25 Only direct clearers, group clearers, clearing agents and the Bank of Canada may make entries into the ACSS.
Marginal note:Direct Clearers Appointment
26 Subject to section 32, the Board may, on completion by a member of the application procedures set out in the rules, appoint the member to act as a direct clearer if the member
(a) maintains a settlement account with the Bank of Canada;
(b) has established a loan facility with the Bank of Canada and has entered into any agreements that may be required by the Bank of Canada governing the settlement of the member’s clearing balance, the administration of the loan facility, the provision by the Bank of Canada of advances for ACSS purposes and the pledging of collateral to secure advances that may be made under the loan facility;
(c) has a payment items volume of no less than 0.5% of the total national volume of payment items giving rise to clearing through the ACSS, as determined in accordance with the rules, or any lower percentage of that volume that may be set out in the rules; and
(d) meets the technical, financial and other requirements set out in the rules.
- SOR/2018-16, s. 2.
Marginal note:Revocation of status
Marginal note:Notification of revocation
(2) The President shall, as soon as practicable, notify all members of the revocation.
- SOR/2010-43, s. 58.
Marginal note:Groups and Group Clearers Composition of group
(a) a central or cooperative credit association that has been appointed to be the group clearer and one or more of the following, including any combination of them:
(b) two or more members from one of the following categories that have appointed a member of the category to be the group clearer:
(i) authorized foreign banks and banks, excluding federal credit unions,
(ii) trust companies and loan companies,
(iii) securities dealers, or
(iv) other members, excluding centrals, cooperative credit associations, federal credit unions, qualified corporations, trustees of qualified trusts and life insurance companies.
Marginal note:Central may act for locals
(2) For greater certainty, if two or more locals belong to two centrals, one of which belongs to the other central, one of the centrals may appoint the other central to act as group clearer for itself and the locals.
- SOR/2012-279, s. 2;
- SOR/2015-185, s. 22.
Marginal note:Required approval
Marginal note:Criteria for approval
(2) The Board may approve the appointment if
(a) the appointed member complies with the requirements set out in paragraphs 26(a), (b) and (d);
(b) the group clearer and the other entities belonging to the group have an aggregate payment items volume of no less than 0.5% of the total national volume of payment items giving rise to clearing through the ACSS, as determined in accordance with the rules, or any lower percentage of that volume that may be set out in the rules; and
(c) in the case of a group referred to in paragraph 28(1)(b), the appointed member enters into contractual commitments with each of the entities belonging to the group that are necessary to ensure the ability of the member to satisfy its liability as group clearer.
- SOR/2010-43, s. 59(E).
- Date modified: