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PAYMENT SYSTEMS AND NETTING ACT 1998 No. 83, 1998 - SECT 15
Declaration that section 14 does not apply
(1) The Reserve Bank may declare in writing that section 14 does not apply to
a close-out netting contract if it is satisfied that systemic disruption in
the financial system could result if a party to the contract went into
external administration.
Note: This section is intended to allow the Reserve
Bank to require an economically significant multilateral netting arrangement
to meet the standards in Part 3 of this Act. It may be necessary to amend the
rules governing the arrangement before it can be approved under that Part.
(2) A declaration under subsection (1):
(a) may only relate to a contract
entered into after the declaration is made; and
(b) is to be made by notice published in the Gazette ; and
(c) ceases to have effect 6 months after it is made.
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