1) A Participant Person in a Financial Infrastructure System, which meets any of the designation conditions referred to in item (2) of Article (126) shall notify the operator of the system 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 in the State or in other jurisdictions:

1. a. Presentation of a plea for declaration of his bankruptcy or liquidation;
2. b. Issuance of a judgement for declaration of his bankruptcy or liquidation; or
3. c. 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:

1. a. He took reasonable steps to comply with the provisions of item (1) of this article or
2. b. The agencies 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 under the provisions of this article.