Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Version of document from 2010-03-01 to 2012-08-16:

Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

SOR/2003-346

CANADIAN PAYMENTS ACT

Registration 2003-10-23

Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

P.C. 2003-1624 2003-10-23

The Board of Directors of the Canadian Payments Association, pursuant to the definition payment itemFootnote a in subsection 2(1) and to subsection 18(1)Footnote b of the Canadian Payments ActFootnote c, hereby makes the annexed Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System.

Ottawa, June 25, 2003

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 18(2) of the Canadian Payments ActFootnote c, hereby approves the annexed Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System, made by the Board of Directors of the Canadian Payments Association.

Interpretation

Marginal note:Definitions

 The following definitions apply in this By-law.

ACSS cycle

ACSS cycle means the period beginning immediately after the final adjustment time on a given business day and ending with the final adjustment time on the next business day. (cycle du SACR)

Automated Clearing Settlement System

Automated Clearing Settlement System or ACSS means the system into which direct clearers, group clearers, clearing agents and the Bank of Canada make entries for the purpose of clearing. (système automatisé de compensation et de règlement ou SACR)

business day

business day means any day other than an ACSS holiday specified in the rules. (jour ouvrable)

clearing

clearing means the reconciliation of payment items that were exchanged and the calculation of the clearing balances. (compensation)

clearing agent

clearing agent means the direct clearer or group clearer appointed under section 33 that, on behalf of an indirect clearer, exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (agent de compensation)

clearing balance

clearing balance means the total of the net amounts owing to or by a member as a result of clearing. (solde de compensation)

direct clearer

direct clearer means a member, other than the Bank of Canada, appointed under section 26 that, on its own behalf, exchanges payment items and makes entries into the ACSS. (adhérent)

exchange

exchange means the delivery and receipt of payment items. (échange)

final adjustment time

final adjustment time means the time, set out in the rules, prior to which the correction of errors affecting the calculation of the clearing balance of a direct clearer or group clearer for the current ACSS cycle must be made. (heure finale de rajustement)

final exchange

final exchange means the last exchange of payment items at each regional exchange point for the current ACSS cycle. (échange final)

group

group means a group described in section 28 and includes the group clearer. (groupe)

group clearer

group clearer means a member that, on its own behalf or on behalf of the entities belonging to the group in respect of which it is appointed in accordance with section 28, exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (adhérent-correspondant de groupe)

indirect clearer

indirect clearer means a member on behalf of which a clearing agent exchanges payment items and either effects clearing and settlement or makes entries into the ACSS. (sous-adhérent)

regional exchange point

regional exchange point means each location in Canada designated in the rules for the exchange of payment items among direct clearers, group clearers and clearing agents, or between one of them and the Bank of Canada, and includes the National Electronic Settlement Region within the meaning of the rules. (point régional d’échange)

settlement

settlement means the payment of the clearing balance. (règlement)

General

Marginal note:Notices

  •  (1) Every notice required under this By-law shall be given in accordance with the rules.

  • Marginal note:Waiver of notice

    (2) Any person entitled to be given notice under this By-law may waive the notice.

PART 1Payment Items

DIVISION 1Application

Marginal note:Application — exchanges

  •  (1) This Part applies to the following exchanges:

    • (a) in respect of payment items giving rise to clearing through the ACSS,

      • (i) the exchange among direct clearers, group clearers and clearing agents, or between one of them and the Bank of Canada, and

      • (ii) the exchange between indirect clearers through their respective clearing agent; and

    • (b) in respect of payment items not giving rise to clearing through the ACSS,

      • (i) the exchange between an indirect clearer and its clearing agent,

      • (ii) the exchange between indirect clearers that are represented by the same clearing agent, through that agent,

      • (iii) the exchange between a group clearer and an entity belonging to the group, and

      • (iv) the exchange among the entities belonging to a group, through the group clearer.

  • Marginal note:Application — clearing and settlement

    (2) This Part also applies to the clearing of payment items that are the object of an exchange referred to in subsection (1) and to the resulting settlement.

DIVISION 2General

Marginal note:Obligation — non-member entities

 Every member that exchanges payment items and either effects clearing and settlement or makes entries into the ACSS on behalf of a local referred to in subparagraph 6(1)(a)(ii) shall ensure that the local complies with the by-laws and the rules as if it were a member.

  • SOR/2010-43, s. 55

Marginal note:Means of settlement

 Settlement is effected by one of the following means, as specified in the rules:

  • (a) by a payment message within the meaning of section 1 of By-law No. 7 Respecting the Large Value Transfer System;

  • (b) on the basis of clearing balances established by the ACSS; or

  • (c) through a clearing agent.

DIVISION 3Payment Items Acceptable for Clearing

Classes of Payment Items

Marginal note:Approved payment items

  •  (1) Paper-based payment items and electronic payment items that are specified in the rules and that conform to the following requirements may be exchanged for the purpose of clearing and settlement:

    • (a) they are drawn on

      • (i) a member, or

      • (ii) a local that belongs to a central or a cooperative credit association that is a member; and

      • (iii) [Repealed, SOR/2010-43, s. 56]

    • (b) they

      • (i) are payable on demand,

      • (ii) are identified in accordance with section 10 and the rules, and

      • (iii) conform to the requirements set out in the rules, including those relating to value and value date.

  • Marginal note:Payment items specified in the rules

    (2) Paper-based payment items and electronic payment items that do not conform to the requirements in subsection (1) but are specified in the rules and conform to the requirements set out in the rules may also be exchanged for the purpose of clearing and settlement.

  • SOR/2010-43, s. 56

Government Payment Items

Marginal note:Government payment items

 Paper-based payment items and electronic payment items drawn on or by the Receiver General of Canada and payable by the Government of Canada that are specified in the rules may be exchanged for the purpose of clearing and settlement.

International Payment Items

Marginal note:Classes of international payment items

 International payment items that are specified in the rules and that fall within a class specified in the rules may be exchanged for the purpose of clearing and settlement.

Payment Items in Dispute

Marginal note:Prohibition

 Members shall not exchange, for the purpose of clearing and settlement, payment items in dispute within the meaning of the rules.

Identification and Guarantee

Marginal note:Payment item identification

 Every member, including a clearing agent, shall identify, in accordance with the rules, every payment item that it exchanges by affixing their stamp, trace number or other identification to the item.

Marginal note:Guarantee

 The stamp, trace number or other identification constitutes the guarantee of the direct clearer, group clearer or clearing agent of the authenticity of all prior endorsements and of its undertaking to supply any missing necessary endorsements.

Marginal note:Obligation to reimburse

 If, because of the nature of any endorsement or because an endorsement is forged or unauthorized, it appears that a payment was improperly made, or if any missing necessary endorsement is not supplied within the time specified in the rules, the direct clearer, group clearer or clearing agent shall reimburse, in accordance with the rules, the amount of the payment item to the direct clearer, group clearer or clearing agent by which it was paid the amount.

Marginal note:Exception

 Despite sections 11 and 12, if a clearing agent has affixed its stamp, trace number or other identification to a payment item on behalf of an indirect clearer, the clearing agent is not required to provide the missing necessary endorsement or to reimburse the amount of the payment item if the request for it is made after the clearing agent has ceased to act as such for the indirect clearer.

DIVISION 4Exchange, Clearing and Settlement

Marginal note:Exchange irrevocable and irreversible

 Every exchange of a payment item shall become irrevocable and irreversible at the time specified in the rules or, failing such time, when settlement is effected.

Marginal note:Compliance with by-laws and rules

 Every member shall exchange payment items in accordance with the by-laws and the rules and ensure that its payment items comply with the provisions of the by-laws and the rules.

Marginal note:Settlement account — indirect clearers

  •  (1) Every indirect clearer shall maintain a settlement account with each of its clearing agents.

  • Marginal note:Loan facilities

    (2) Every indirect clearer shall establish a loan facility with each of its clearing agents.

DIVISION 5Return of Payment Items

Marginal note:Returns in accordance with the rules

 Despite section 14, payment items, the exchange of which becomes irrevocable and irreversible when settlement is effected, may be returned after settlement in accordance with, and for the reasons set out in, the rules.

Marginal note:Acceptance of returned payment items

 Every member shall accept payment items returned to it in accordance with the rules.

PART 2Automated Clearing Settlement System

DIVISION 1Application

Marginal note:Application

 This Part applies to the exchange of payment items giving rise to clearing through the ACSS, and to the clearing of those payment items and the resulting settlement.

DIVISION 2General

Marginal note:Exclusion of liability

 Neither the Association nor a director, an officer or an employee is liable for any loss or damage suffered by a member for anything done or omitted to be done, honestly and in good faith, in relation to the ACSS, in the administration or discharge of any powers or duties that under this By-law are intended or authorized to be executed or performed.

  • SOR/2010-43, s. 57

Marginal note:Ownership

 The Association owns the ACSS.

Marginal note:ACSS operated by Association

 The operation, management and ongoing maintenance of the ACSS form part of the business of the Association.

Marginal note:Operation of ACSS

 Subject to section 46 and except in case of a national failure of the ACSS within the meaning of the rules, the Association shall ensure that the ACSS is operational on all business days.

Marginal note:Access to information

 Access to information relating to clearing and to the operation of the ACSS shall be governed by the rules.

DIVISION 3Participation in the ACSS

Participants

Marginal note:Participants

 Only direct clearers, group clearers, clearing agents and the Bank of Canada may make entries into the ACSS.

Requirements

Marginal note:Direct Clearers Appointment

 Subject to section 32, the Board may, on completion by a member of the application procedures set out in the rules, appoint the member to act as a direct clearer if the member

  • (a) maintains a settlement account with the Bank of Canada;

  • (b) has established a loan facility with the Bank of Canada;

  • (c) has a payment items volume of no less than 0.5% of the total national volume of payment items giving rise to clearing through the ACSS, as determined in accordance with the rules, or any lower percentage of that volume that may be set out in the rules; and

  • (d) meets the technical, financial and other requirements set out in the rules.

Marginal note:Revocation of status

  •  (1) The Board may revoke the direct clearer status of a member if that member no longer meets the requirements set out in section 26.

  • Marginal note:Notification of revocation

    (2) The President shall, as soon as practicable, notify all members of the revocation.

  • SOR/2010-43, s. 58

Marginal note:Groups and Group Clearers Composition of group

  •  (1) A group may consist of

    • (a) one or more locals, centrals or cooperative credit associations, or any combination of them, and the central or cooperative credit association to which they belong and which they have appointed to be the group clearer; or

    • (b) two or more members of the same class from the classes referred to in paragraph 9(3)(a), (c), (e) or (g) of the Canadian Payments Act that have appointed a member of the class to which they belong to be the group clearer.

  • Marginal note:Central may act for locals

    (2) For greater certainty, if two or more locals belong to two centrals, one of which belongs to the other central, one of the centrals may appoint the other central to act as group clearer for itself and the locals.

Marginal note:Required approval

  •  (1) An appointment referred to in section 28 is subject to the approval of the Board.

  • Marginal note:Criteria for approval

    (2) The Board may approve the appointment if

    • (a) the appointed member complies with the requirements set out in paragraphs 26(a), (b) and (d);

    • (b) the group clearer and the other entities belonging to the group have an aggregate payment items volume of no less than 0.5% of the total national volume of payment items giving rise to clearing through the ACSS, as determined in accordance with the rules, or any lower percentage of that volume that may be set out in the rules; and

    • (c) in the case of a group referred to in paragraph 28(1)(b), the appointed member enters into contractual commitments with each of the entities belonging to the group that are necessary to ensure the ability of the member to satisfy its liability as group clearer.

  • SOR/2010-43, s. 59(E)

Marginal note:Revocation of status

  •  (1) The Board may revoke the group clearer status of a member if that member no longer complies with the requirements set out in paragraphs 26(a), (b), (d) or 29(2)(b) or, in the case of a group referred to in paragraph 28(1)(b), the contractual commitments referred to in paragraph 29(2)(c) no longer ensure the ability of the member to satisfy its liability as group clearer.

  • Marginal note:Notification of revocation

    (2) The President shall, as soon as practicable, notify all members of the revocation.

  • SOR/2010-43, s. 60

Marginal note:Responsibility of group clearer

  •  (1) The group clearer shall guarantee the payment of the payment items drawn on or payable by the group clearer or the entities belonging to the group for which it acts as group clearer.

  • (2) The guarantee provided for in subsection (1) does not extend to payment items that may be returned in accordance with section 17, that are drawn on or payable by the group clearer or the entities belonging to the group for which it acts as group clearer.

Marginal note:Exception — Direct Clearer and Group Clearer Exception

 A qualified corporation, on behalf of its money market mutual fund, a trustee of a qualified trust and a life insurance company are not eligible to be a direct clearer or group clearer.

Marginal note:Clearing Agents Appointment

 The Board may, on completion by a direct clearer or group clearer of the application procedures set out in the rules, appoint it to act as a clearing agent if the direct clearer or group clearer meets the technical, financial and other requirements set out in the rules.

Marginal note:Revocation of status

  •  (1) The Board may revoke the clearing agent status of a direct clearer or group clearer that no longer meets the requirements set out in the rules.

  • Marginal note:Automatic revocation

    (2) If a member’s status as direct clearer or group clearer is revoked, its status as clearing agent is also revoked.

  • Marginal note:Notification of revocation

    (3) The President shall, as soon as practicable, notify all members of the revocation.

  • SOR/2010-43, s. 61

DIVISION 4Representation

General

Marginal note:Representation of indirect clearers

 An indirect clearer shall designate at least one clearing agent. However, for those payment items specified in the rules, an indirect clearer shall be represented at every regional exchange point by the same clearing agent.

Marginal note:Amalgamations

  •  (1) If two members amalgamate, for a period of one year following the amalgamation,

    • (a) payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by the member that ceases to exist, may continue to be exchanged; and

    • (b) in the case of an indirect clearer that ceases to exist, it may be represented at a regional exchange point, despite section 35, by more than one clearing agent for the payment items specified in the rules.

  • Marginal note:Extension of period

    (2) The President may extend the one-year period if it is necessary for the proper conduct of the business of the amalgamating members.

  • SOR/2010-43, s. 62

Prior to Acting — Clearing Agent

Marginal note:Notice

  •  (1) Subject to section 41, a clearing agent shall give at least 30 days’ notice to the President prior to acting as clearing agent for an indirect clearer.

  • Marginal note:Obligation of President

    (2) The President shall inform the direct clearers and group clearers of the notice in accordance with the rules.

  • SOR/2010-43, s. 63

Ceasing to Act — Clearing Agent and Group Clearer

Marginal note:30 days notice

  •  (1) A clearing agent shall give at least 30 days’ notice to an indirect clearer and to the President prior to ceasing to act as clearing agent for the indirect clearer.

  • Marginal note:Obligation of President

    (2) The President shall inform the direct clearers and group clearers of the notice in accordance with the rules.

  • Marginal note:Exception

    (3) Despite subsection (1), the clearing agent shall not cease acting for an indirect clearer if another clearing agent is designated to act for the indirect clearer until the other clearing agent has started acting for the indirect clearer.

  • Marginal note:Status revoked

    (4) Despite subsections (1) and (3), a clearing agent shall cease to act without delay if its status is revoked.

  • SOR/2010-43, s. 64

Marginal note:Exception — ceasing to act immediately

  •  (1) Despite subsections 38(1) and (3), a clearing agent may immediately cease to act for an indirect clearer if

    • (a) the clearing agent reasonably believes that the indirect clearer poses a legal, financial or operational risk to the clearing agent; or

    • (b) the indirect clearer has breached a substantial term of an agreement entered into with the clearing agent for the purposes of clearing and settlement.

  • Marginal note:Notification to other clearing agents

    (2) The clearing agent shall give notice, before the time set out in the rules and at least one hour prior to ceasing to act, to the other clearing agents acting for the indirect clearer. The other clearing agents may unanimously waive the notice or abridge the time for the notice.

  • Marginal note:Notification to indirect clearers and group clearers

    (3) The clearing agent shall, immediately on ceasing to act,

    • (a) give written notice to the indirect clearer of its decision to immediately cease to act for the indirect clearer; and

    • (b) give notice of its decision to the President, to its other indirect clearers and to the other clearing agents acting for the indirect clearer and attempt to give notice of its decision to the other direct clearers and group clearers.

  • Marginal note:Notice by the President

    (4) The President shall give notice to every other direct clearer and group clearer of the clearing agent’s decision to immediately cease to act for the indirect clearer.

  • Marginal note:Notice by direct clearers and group clearers

    (5) Every other direct clearer or group clearer shall immediately notify every indirect clearer for which it acts as clearing agent or every entity belonging to the group for which it acts as group clearer, as the case may be, of that decision.

  • SOR/2010-43, s. 65

Marginal note:Obligation to accept payment items

 A clearing agent that ceases to act for an indirect clearer shall accept payment items, including those not giving rise to clearing through the ACSS, that are drawn on or payable by the indirect clearer and either effect clearing and settlement or make entries into the ACSS until the final exchange on the business day on which the clearing agent ceases to act.

Marginal note:Designation of new clearing agent

  •  (1) An indirect clearer may, immediately on receiving the notice referred to in subsection 38(1) or 39(3), designate a new clearing agent from among the direct clearers and group clearers appointed by the Board to act as clearing agent.

  • Marginal note:When designation takes effect

    (2) The designation takes effect at the time agreed on by the indirect clearer and the new clearing agent.

Marginal note:Duty to cooperate

 The former and the new clearing agent shall cooperate to ensure an orderly change in representation.

Change to Composition of Group

Marginal note:Notice

 A group clearer shall, at least 30 days prior to its effective date, give notice to the President of its decision to cease acting as a group clearer for an entity belonging to the group or of the withdrawal of an entity from the group for which it acts as a group clearer.

  • SOR/2010-43, s. 66

Marginal note:Obligation to accept payment items

 The group clearer shall accept payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by an entity for which it is ceasing to act or an entity that withdraws from the group for which it acts as group clearer and either effect clearing and settlement or make entries into the ACSS until the final exchange on the business day on which the group clearer ceases to act or on which the entity withdraws.

DIVISION 5Exchange, Clearing and Settlement

Exchange

Marginal note:Reception of payment items

  •  (1) A direct clearer, group clearer and clearing agent shall receive payment items at every regional exchange point.

  • Marginal note:Use of representative

    (2) A direct clearer, group clearer, clearing agent or the Bank of Canada may exchange payment items through a direct clearer or group clearer, acting on its behalf.

  • Marginal note:Responsibility

    (3) The direct clearer, group clearer or clearing agent or the Bank of Canada shall remain responsible to ensure that the payment items are exchanged in accordance with the by-laws and the rules.

Marginal note:Suspension of exchanges

  •  (1) If it becomes impractical to exchange any class of payment items at a particular regional exchange point on a given day, the President may, after consulting the direct clearers, group clearers and the Bank of Canada, suspend the exchange of the class of payment items or of all payment items for the regional exchange point for the current ACSS cycle.

  • Marginal note:Measures

    (2) Immediately on suspension, the President shall, after consulting the direct clearers, group clearers and the Bank of Canada, take any measures that are necessary in the circumstances.

  • Marginal note:Notification of measures taken

    (3) The President shall notify the direct clearers, group clearers and the Bank of Canada of the measures taken.

  • SOR/2010-43, s. 67

Clearing

Marginal note:Entries

  •  (1) Direct clearers, group clearers, clearing agents and the Bank of Canada shall make entries into the ACSS, in accordance with the rules, for the purpose of clearing.

  • Marginal note:Manual clearing

    (2) In case of a national failure of the ACSS within the meaning of the rules, direct clearers, group clearers, clearing agents and the Bank of Canada shall effect manual clearing in accordance with the rules.

Marginal note:Establishment of clearing balances

 The Association shall ensure that clearing is effected by the ACSS and clearing balances are made available to the Bank of Canada.

Marginal note:Errors in clearing balances

 Direct clearers, group clearers and the Bank of Canada shall correct errors in their clearing balances prior to the final adjustment time and in accordance with the rules.

Settlement

Marginal note:Settlement

 Once the clearing balances have been established by the ACSS and corrected, if necessary, and if a direct clearer or group clearer is not in default within the meaning of section 53, the Bank of Canada shall effect settlement by making the appropriate debit or credit entry into each direct clearer’s or group clearer’s settlement account.

Marginal note:Notification of settlement

 The Bank of Canada shall notify a direct clearer or group clearer on settlement.

Marginal note:Settlement is final

 Settlement at the Bank of Canada is final and shall not be reversed under any circumstances.

DIVISION 6Default

Default of Direct Clearer or Group Clearer

Marginal note:Default of direct clearer or group clearer

  •  (1) A direct clearer or group clearer is in default for the purposes of this By-law if

    • (a) its settlement account at the Bank of Canada has a shortfall that would preclude settlement; and

    • (b) it does not obtain an advance from the Bank of Canada sufficient for that settlement.

  • Marginal note:Notice

    (2) The Bank of Canada shall immediately notify the President who shall in turn notify all other direct clearers and group clearers of the default.

  • SOR/2010-43, s. 68

Marginal note:Return by member in default

  •  (1) A direct clearer or group clearer that is in default shall immediately return, in accordance with the rules, all the following payment items that it is able to return, including those not giving rise to clearing through the ACSS:

    • (a) payment items that are drawn on or payable by it;

    • (b) payment items that were received from indirect clearers for which it acts as clearing agent; and

    • (c) payment items that are drawn on or payable by any of the entities belonging to a group.

  • Marginal note:Return by other members

    (2) Members that are not in default shall return, in accordance with the rules, all payment items that they are able to return that are drawn on or payable by the direct clearer or group clearer that is in default.

Marginal note:Balances owing

 The Bank of Canada shall credit the settlement account of the direct clearer or group clearer that is in default with all balances owing to the direct clearer or group clearer as a result of the return of payment items.

Marginal note:Obligation to deposit

 If the amounts credited into the settlement account under section 55 do not eliminate the shortfall in the account, every indirect clearer or member belonging to a group shall, if settlement has not been effected with its clearing agent or group clearer that is in default, as the case may be, deposit into the settlement account an amount equal to the difference between the balance in its settlement account with the clearing agent or group clearer and the amount it owes to the clearing agent or group clearer as a result of clearing for the current ACSS cycle.

Marginal note:Allocation of remaining shortfall

  •  (1) If the amounts credited or deposited into the settlement account under sections 55 and 56 do not eliminate the shortfall in the account, the direct clearers and group clearers that are not in default and the Bank of Canada shall each deposit into the account the amount determined by the following formula:

    A x B/C

    where, for a given direct clearer or group clearer that is not in default or the Bank of Canada,

    A
    is the remaining amount of the shortfall;
    B
    is the value of the payment items that the given direct clearer or group clearer or the Bank of Canada entered into the ACSS during the ACSS cycle prior to the default that are drawn on or payable by the direct clearer or group clearer that is in default; and
    C
    is the total value of payment items that were entered into the ACSS during that cycle by all direct clearers and group clearers that are not in default and by the Bank of Canada and that are drawn on or payable by the direct clearer or group clearer that is in default.
  • Marginal note:Interest

    (2) The amount deposited in accordance with subsection (1) shall bear interest at the rate specified in the rules.

  • Marginal note:Right of recovery

    (3) The amount deposited and the interest on it constitute a debt that is immediately due and payable by the direct clearer or group clearer that is in default to the direct clearer, group clearer or the Bank of Canada, as the case may be.

  • SOR/2010-43, s. 69(F)

Default of Indirect Clearer

Marginal note:Default of indirect clearer

 An indirect clearer is in default in respect of its clearing agent for the purposes of this By-law if

  • (a) the settlement account of the indirect clearer with its clearing agent has a shortfall that would preclude settlement; and

  • (b) the indirect clearer does not obtain an advance sufficient for settlement.

Marginal note:Remittance of payment items

 The indirect clearer that is in default shall remit to its clearing agent all payment items that have already been sent to the indirect clearer by the clearing agent that are drawn on or payable by the indirect clearer.

Marginal note:Return of payment items

 The clearing agent in respect of which the indirect clearer is in default shall return, in accordance with the rules, all payment items that it is able to return, including those not giving rise to clearing through the ACSS, that are drawn on or payable by the indirect clearer that is in default.

Exception — Returns and Entries into the ACSS

Marginal note:Payment items not returned

 Despite sections 54 and 60, members shall not return payment items if the exchange of those payment items has become irrevocable and irreversible pursuant to section 14.

Marginal note:Prohibition

 A direct clearer or group clearer that is in default shall not make entries into the ACSS, other than those in relation to the return of payment items under section 54.

Repeal

Marginal note:Repeal

 [Repeal]

Coming into Force

Marginal note:Coming into force

 This By-law comes into force on the day on which it is registered.


Date modified: