(c) establish and maintain mutually beneficial relationships with international bodies such as the World Bank, the BIS and the central banks of third States; and (d) keep abreast of modern trends in payment, clearing and settlement systems. ARTICLE 5 INSTITUTIONAL ARRANGEMENTS 1. Central Banks shall, through the forum of the CCBG, establish a SADC Payment System Steering Committee which shall be responsible for the implementation of this Annex. State Parties agree that 2. Each Central Bank shall appoint one person to serve on the SADC Payment System Steering Committee. 3. The SADC Payment System Steering Committee shall establish a SADC Payment System Working Group, and the SADC Payment System Steering Committee shall delegate the day-to-day administration relating to the implementation of this Annex to the SADC Payment System Working Group. 4. The SADC Payment System Working Group shall comprise project leader, a project manager and such number of payment system analysts as are appointed by the SADC Payment System Steering Committee. 5. The SADC Payment System Working Group shall be responsible for the implementation of this Annex on a daily basis. ARTICLE 6 FUNCTIONS OF THE SADC PAYMENT SYSTEM STEERING COMMITTEE AND THE SADC PAYMENT SYSTEM WORKING GROUP 1. The SADC Payment System Steering Committee shall: (a) review and monitor progress in respect of the objectives set out in Article 3; (b) initiate such tasks and projects as the SADC Payment System Steering Committee may deem necessary in order to support of the objectives set out in Article 3; (c) consider and recommend the enactment of, or amendments to, legislation of State Parties relating to payment system, clearing system and settlement system, including the making and amendment of rules and procedures, risk management policies and any other matters relevant to such legislation and such payment system, clearing system and settlement systems; 66