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Payment Clearing and Settlement Act

Version of section 22 from 2003-01-01 to 2012-05-23:


Marginal note:Participants responsible where no clearing house

  •  (1) Where a clearing and settlement system does not have a clearing house located in Canada, the Canadian participants

    • (a) shall comply with the obligations imposed under this Act on a clearing house in respect of a clearing and settlement system, and

    • (b) have all the rights conferred by this Act on a clearing house in respect of a clearing and settlement system

    in the same manner and to the same extent as if the Canadian participants were the clearing house on which those obligations and rights are imposed or conferred and, for that purpose, any action that the Bank may take in respect of a clearing house may only be taken in respect of the Canadian participants.

  • Marginal note:Participants responsible where clearing house fails to comply, etc.

    (2) Where a clearing house fails to comply with the obligations imposed on it under this Act in respect of its clearing and settlement system or otherwise contravenes this Act, the participants jointly and severally shall comply with those obligations or are liable for the contravention in the same manner and to the same extent as if the participants were the clearing house on which the obligations are imposed or that committed the contravention.

  • Marginal note:Interpretation

    (3) In subsection (1), a participant is “Canadian” if the participant is incorporated or formed under an enactment of Canada or a province.

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