CBB Volume 6: Contents
Approval of Settlement System
The settlement system of a licensed clearing houseG must be able to effect:(a) SettlementG of transfer orders within the system itself; and(b) Be able to comply with the requirements stipulated in Paragraph CSD-2.2.7.Amended: April 2016
If the CBB determines that the criteria specified in rule CSD-2.2.13 have been met as regards a designated system, it shall issueG in respect of the system a certificate certifying to that effect ("certificate of finality"), and specify a date and time from which the certificate shall have effect.
If the CBB is unable to make a determination in the terms mentioned in rule CSD-2.2.13 as regards a designated system, it shall inform the system operator in writing accordingly, giving particulars of the criteria specified in paragraph CSD-2.2.7 which have not been met, or of the further information it requires in order to make a determination in relation to such criteria.
A certificate of finality in respect of a designated system remains in effect until it is revoked.