Payment System Settlement Finality Law DIFC Law No. 1 of 2009

PART 1 – GENERAL

1. Title

This Law may be cited as the "Payment System Settlement Finality Law 2009".

2. Legislative Authority

This Law is made by the Ruler of Dubai.

3. Application of the Law

This Law applies in the jurisdiction of the DIFC.

4. Purpose

This Law sets forth the process for, and the effects of, designation of a payment system that is important to the monetary and financial stability of the DIFC and the U.A.E. or the functioning of the DIFC as an international financial centre. The powers and duties conferred on the Designating Body by this Law must be exercised for the purpose of (a) promoting the maintenance of a sound and efficient financial system in the DIFC and (b) avoiding significant damage to the financial system in the DIFC that could result from the failure of a participant in a designated payment system.

5. Date of Enactment

This Law is enacted on the date specified in the Enactment Notice in respect of this Law.

6. Commencement

This Law comes into force on the date specified in the Enactment Notice in respect of this Law.

7. Interpretation

Schedule 1 contains:

a. interpretative pro...