Establishment of rules of a system

(1) An operator shall establish written rules for the governance, management and operation of the system, which the operator is licensed to operate, including, at a minimum, rules for– (a) management of liquidity, credit and settlement risk; (b) determining the time when a payment instruction and a settlement is final; and (c) corporate governance, access, contingency arrangements and operational risk, rights and liabilities of participants and the operator. (2) Rules made pursuant to sub-section (1) shall be subject to the prior approval of the Central Bank and shall not be inconsistent with the requirements of this Act, and any regulations, rules, orders, directives or guidelines issued by the Central Bank in respect of the governance, management or operation of a system. rules.