Section 70D: Criteria for a reliable system

70D. Criteria for a reliable system (1) A reliable system is one which is appropriate for the fulfilment of the function for which it is being used, and includes – (a) any operational rules relevant to the assessment of reliability; (b) the assurance of data integrity; (c) the ability to prevent unauthorised access to and use of the system; (d) the security of hardware and software; (e) the regularity and extent of audit by an independent body; (f) the existence of a declaration by a supervisory body, an accreditation body or a voluntary scheme regarding the reliability of the method; (g) any applicable industry standard. 230 Acts 2025 (2) An electronic bill of exchange shall be created and maintained in a reliable system that – (a) identifies the document so that it can be distinguished from any copy; (b) protects the document against unauthorised alteration; (c) ensures that only person or persons acting jointly can exercise control of the document at any one time; (d) allows any person able to exercise control of the document to demonstrate the ability to do so; and (e) ensures that a transfer of the document deprives the transferor of control, except where the transferor is a transferee.