22. Designated Contact must be notified of Insolvency Proceeding

(1) This section applies if:

• (a) an Insolvency Proceeding is or has been commenced in respect of a participant in a Designated Payment System (participant A); or
• (b) an Insolvency Proceeding is or has been commenced in respect of any other participant whose Settlements are effected by participant A through the Designated Payment System.

(2) As soon as practicable after becoming aware of the Insolvency Proceeding, Participant A must notify the Designated Contact of the Insolvency Proceeding.

(3) It is sufficient compliance with the requirement to notify the Designated Contact under subsection (2) if:

• (a) participant A takes all reasonable steps to comply with the requirement; or
• (b) the Designated Contact was already actually aware of the commencement of the Insolvency Proceeding by the time participant A had to notify the Designated Contact under that subsection.

(4) The Designated Contact must notify the AFSA promptly if the Designated Contact receives a notification under subsection (2) or otherwise becomes aware of the commencement of an Insolvency Proceeding in respect of a participant in the Designated Payment System.