Document ID: chunk:federal_register_of_legislation:C2024C00373:section:7
Version: federal_register_of_legislation:C2024C00373
Segment Type: section
Provision Reference: s 7
Character Range: 23041–23847

7  Obligation to notify system administrator of external administration
 (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.