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FINALITY AND IRREVOCABILITY

The National Payments System legislation outlines key provisions and rules to ensure finality and irrevocability of operations within a system.

Finality and Irrevocability: A system must have rules to ensure finality in operations and irrevocability of orders, unless special conditions apply.
No Revocation or Reversal: An entry or payment made under the system cannot be revoked, reversed, or set aside by insolvency proceedings or any other law.
Final Discharge of Indebtedness: The final discharge of indebtedness between participants in a clearing and settlement system takes place through the Central Bank.
Insolvency Proceedings: Insolvency proceedings against a participant do not have retroactive effect on the rights and obligations of that participant.
Moment of Taking Insolvency Proceedings: The moment when insolvency proceedings are taken against a participant is when the operator of the system is informed.

Transfer Orders, Payments, and Settlements: Transfer orders, payments, and settlements entered into the system prior to insolvency proceedings are enforceable against the liquidator or third parties.
Netting of Transfer Orders, Debts, and Obligations: Netting of transfer orders, debts, and obligations resulting from the same transactions is also enforceable.

Use of Money and Financial Instruments: The system, its operator, or settlement agent can use money and financial instruments available on a participant’s settlement account to settle outstanding transfer orders.
Credit Lines and Collateral: The system, its operator, or settlement agent can also use credit lines granted to the participant and realize collateral provided to secure those credit lines.

Specified by Central Bank: The Central Bank must specify detailed information mechanisms relating to the taking of insolvency proceedings against a participant or operator.

No Private Enforcement Procedures: Balances on settlement accounts held with a system are not subject to private enforcement procedures.

Foreign Participants: Rights and obligations arising from participation in a foreign system by a Papua New Guinea participant are governed exclusively by Papua New Guinean law.
Domestic Participants in Foreign Systems: Rights and obligations arising from participation in a domestic system by a foreign participant are governed exclusively by the laws of that foreign system.

Scope of Application: This part applies to all forms of financial collateral arrangements for the sound working of a system, securing present, future, actual, or contingent debts or obligations.