Payment Clearing and Settlement Act

Marginal note:Designation by Governor of Bank

• 4 (1) Where the Governor of the Bank is of the opinion that a clearing and settlement system may be operated in such a manner as to pose a systemic risk, the Governor may, if the Minister is of the opinion that it is in the public interest to do so, designate the clearing and settlement system as a clearing and settlement system that is subject to this Part.

• Marginal note:Notice of designation to be given and published

  (2) The Governor of the Bank shall, in writing, notify a designated clearing and settlement system’s clearing house of the designation and shall cause a copy of the designation to be published in the Canada Gazette.