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

63 (1) If, after the termination of an LVTS cycle and before the opening of the following LVTS cycle, an agent of Her Majesty in right of Canada, an agent or mandatary of Her Majesty in right of a province, a regulator or a supervisory body takes control of a participant or any of its assets or makes a declaration that a participant is considered to be no longer viable or that a participant is unable to meet its liabilities as they become due, the President may, after being advised of such an action having been taken or such a declaration having been made and with the concurrence of the Minister and the Governor of the Bank of Canada, suspend the participant’s status for the following LVTS cycle before that cycle begins if its participation could adversely affect the efficiency, safety or soundness of the LVTS.

(2) If a decision is made to suspend a participant’s status under subsection (1), the President shall suspend the participant’s status as soon as feasible before the beginning of the next LVTS cycle.

(3) If a participant’s status is suspended under subsection (1), the President shall notify all the participants of the suspension.