1. A Participant Person in a Financial Market Infrastructure, which meets any of the designation conditions referred to in item (2) of Article (157) shall notify the operator of the infrastructure or its Settlement Institution, the concerned regulatory authority, and the Central Bank, as soon as practicable if there comes to his knowledge any of the following events occurring whether inside or outside the State or in a Financial Free Zone: a. Put under resolution. b. Presentation of a plea for declaration of his bankruptcy or liquidation; c. Issuance of a judgement for declaration of his bankruptcy or liquidation; or d. The making of owners, shareholders, or management of a Participant Person voluntary winding up statement in his respect. 2. A Participant Person failing to notify of a relevant event referred to in item (1) of this article within the required timeframe is not in contravention if: a. He took reasonable steps to comply with the provisions of item (1) of this article; or b. The authorities and entities referred to in item (1) of this article were already aware of the relevant event by the time the Participant Person was required to notify the operator of the infrastructure or its Settlement Institution, in accordance with the provisions of this article.
Interpretation and application must be checked against the official text and current version.