Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 19

Transfers and settlements within designated systems are final

(1) This section applies to any transfer or settlement of the following
description that is effected through a designated system the operating rules
of which provide that such a transfer or settlement is final and
irrevocable—

   (a)  a transfer of funds into or out of an account of a participant;

   (b)  a settlement of a payment obligation; or

   (c)  a settlement of an obligation for the transfer of book-entry
        securities, or the transfer of such securities.

(2) Notwithstanding anything to the contrary in any written law or rule of
law, a transfer or settlement to which this section applies shall not be
liable—

   (a)  to be reversed, repaid or set aside; or

   (b)  to an order made by a court for the rectification or stay of such
        transfer or settlement.