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Payment Clearing and Settlement Act

Version of section 4 from 2007-04-20 to 2014-12-15:


Marginal note:Designation by Governor of Bank

  •  (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:Revocation

    (2) The Governor of the Bank may revoke a designation if he or she is of the opinion that the designated clearing and settlement system may be operated in a manner that no longer poses a systemic risk and the Minister is of the opinion that revoking the designation is in the public interest.

  • Marginal note:Notice

    (3) If a designation is made or revoked, the Governor of the Bank shall, in writing, so inform in advance the clearing and settlement system’s clearing house and shall cause a copy of the designation or revocation, as the case may be, to be published in the Canada Gazette.

  • 1996, c. 6, s. 162 (Sch., s. 4)
  • 2007, c. 6, s. 441
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