Payment and Settlement Systems (Oversight) Act · s 37

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

37.
Revocation of approval
(1) The Authority may revoke an approval granted under section 36(1)(c) if it appears to the Authority that —
(a) the issuer has contravened or is contravening any of the provisions of this Act;
(b) the issuer has contravened any conditions of the approval;

Payment and Settlement Systems
(Oversight)
(c) the issuer has failed to comply with any code, guideline, policy statement or practice note issued by the Authority under section 61;
(d) the issuer has made a false or an incorrect statement in the documents or information submitted under section 36(1)(a) or particulars of any change to the documents and information submitted under section 40(1);
(e) the issuer has ceased issuing the designated payment instruments for any continuous period of 6 months; or
(f)
the issuer goes into liquidation or is wound up or is otherwise dissolved.
(2) The Authority shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 37Revocation of approval

(1)

The Authority may revoke an approval granted under section 36(1)(c) if it appears to the Authority that —

(a)

the issuer has contravened or is contravening any of the provisions of this Act;

(b)

the issuer has contravened any conditions of the approval;

Payment and Settlement Systems

(Oversight)

(c)

the issuer has failed to comply with any code, guideline, policy statement or practice note issued by the Authority under section 61;

(d)

the issuer has made a false or an incorrect statement in the documents or information submitted under section 36(1)(a) or particulars of any change to the documents and information submitted under section 40(1);

(e)

the issuer has ceased issuing the designated payment instruments for any continuous period of 6 months; or

(f)

the issuer goes into liquidation or is wound up or is otherwise dissolved.

(2)

The Authority shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.