By-law No. 7 Respecting the Large Value Transfer System

2 (1) This by-law governs clearing and settlement arrangements relating to payments made through the LVTS and the conduct and affairs of all persons in connection with the operation and administration of the LVTS.

(2) Every participant is bound by and shall comply with the provisions of this by-law and the rules.

(3) Except as expressly provided in this by-law or the rules, nothing in this by-law or the rules shall affect or be interpreted so as to affect the rights or liabilities of any person at law.

(4) Except as expressly provided in this by-law or the rules, nothing in this by-law or the rules shall be interpreted as imposing, or be deemed to impose, on any participant or on the Association any duty, liability or obligation towards anyone.

(5) At any time when the LVTS is suspended or inoperative, this by-law shall not apply to any payment made between participants or any action taken, or not taken, by a participant on the basis of any such payment, unless the payment message has passed all risk control tests applicable to that payment message as set out in this by-law.