Law of Payments and Payment Services

The SIPS-related rules shall include the following: 1. The point at which a payment order made by a member becomes final, and the point at which such order becomes subject to settlement finality, including cases in which a payment order is executed via multiple systems. 2. The rules setting the procedures necessary for ensuring the protection, validity, and enforceability of clearing arrangements in the event of default of a SIPS operator or member. 3. The rules concerning enforcement of guarantees by a SIPS operator or member. 4. The rules that permit a SIPS to manage a member’s default, which shall include, but not be limited to, cases in which a member is deemed in financial or operational default, as well as measures that a SIPS operator may take in the event of a member’s default.