7Obligation to notify system administrator of external administration

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.