Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998 - SECT 7

             (1)  A participant in an approved RTGS system must notify the system administrator if:

                     (a)  the participant; or

                     (b)  another participant whose transactions the participant settles through the system;

goes into external administration. The participant must give the notice as soon as practicable after the participant becomes aware of the external administration.

             (2)  A person does not contravene subsection (1) if:

                     (a)  they took reasonable steps to comply with that subsection; or

                     (b)  the system administrator was already aware of the external administration by the time the person was required to notify the administrator under subsection (1).

             (3)  A person must not contravene subsection (1).

Penalty:  Imprisonment for 5 years.