[Sub-Section 1 amended by Section 111 of the Financial Markets Act, 2012]
| a) |
provision contained in the settlement system rules or in clearing, netting and settlement agreements to which that clearing system participant or settlement system participant is a party, or any rules and practices applicable to the clearing system participant or settlement system participant in relation to such agreements; and |
| 3) |
A curator or similar official appointed to a clearing system participant or settlement system participant may give written notice to the Reserve Bank to withdraw such participant's participation in the clearing system or the Reserve Bank settlement system, in which event such clearing system participant or settlement system participant shall no longer be entitled to clear or participate in the Reserve Bank settlement system, other than for purposes of discharging payment or settlement obligations in accordance with the settlement system rules or clearing, netting and settlement agreements to which that clearing system participant or settlement system participant is a party, or any rules and practices applicable to the clearing system participant or settlement system participant in relation to such agreements. |
| 4) |
When an application for the winding-up of a clearing system participant or Reserve Bank settlement system participant is made, a copy of- |
| a) |
the application for winding-up, when it is presented to the court; and |
| b) |
any subsequent winding-up order, when it is granted, |
must be lodged with the Reserve Bank as soon as practicable.
| 5) |
When a copy of an application for winding-up or subsequent winding-up order is lodged with the Reserve Bank in terms of subsection (4) and the Reserve Bank settlement system participant in respect of whom the copy is lodged is a designated settlement system participant, the Reserve Bank must as soon as practicable after having received the copy, notify the designated settlement system operator. |
| 6) |
If a clearing system participant or settlement system participant is wound up, the liquidator or similar official is bound by- |
| a) |
any provision contained in the rules of the settlement system or in clearing, netting and settlement agreements to which that clearing system participant or settlement system participant is a party, or any rules and practices applicable to the clearing system participant or settlement system participant in relation to such agreements; and |
| b) |
any payment or settlement that is final and irrevocable in terms of section 5 (2) or (3). |
| 7) |
A clearing system participant or settlement system participant in respect of whom a copy of a winding-up order has been lodged with the Reserve Bank in terms of subsection (4) must no longer be entitled to clear or participate in any settlement system, other than for purposes of discharging payment or settlement obligations in accordance with the rules of the settlement system or clearing, netting and settlement agreements to which that clearing system participant or settlement system participant is a party, or any rules and practices applicable to the clearing system participant or the settlement system participant in relation to such agreements. |
| 8) |
Notwithstanding any written law or rule of law, a court shall not recognise or give effect to- |
| a) |
an order of a court exercising jurisdiction under the law of insolvency in a place outside the Republic of South Africa; or |
| b) |
an act of a person appointed in a place outside the Republic of South Africa to perform a function under the law of insolvency there, |
in so far as the making of the order or doing of the act would be prohibited under this Act for a court in the Republic of South Africa or a curator or similar official or liquidator or similar official.
Implementation of Geneva Conventions Act, 2012
