Payment and Settlement Systems (Oversight) Act · s 20

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20.
Power of Authority to issue written directions
(1) The Authority may, if it thinks that it is —
(a) necessary or expedient for ensuring the integrity and proper management of a designated payment system;
(b) necessary or expedient for the effective administration of the
Order; or
(c) otherwise in the interests of the public or a section of the public, issue written directions, either of a general or specific nature, to any —
(i) participant or class of participants;
(ii) operator; or
(iii) settlement institution, of a designated payment system.
(2) Without prejudice to the generality of subsection (1), any written direction issued under that subsection may relate to —
(a) the appropriate actions to be taken by the participant or class of participants, or the operator or the settlement institution, in relation to its business;
(b) the appointment of a person approved by the Authority to advise the participant or class of participants, or the operator or the settlement institution, on the proper conduct of its business;

Payment and Settlement Systems
(Oversight)
(c) the conditions that will apply if any function of the operator or the settlement institution is outsourced; and
(d) such other matters as the Authority may consider necessary or expedient or in the interests of the public or a section of the public.
(3) Any person who fails to comply with a written direction issued under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.

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s 20Power of Authority to issue written directions

(1)

The Authority may, if it thinks that it is —

(a)

necessary or expedient for ensuring the integrity and proper management of a designated payment system;

(b)

necessary or expedient for the effective administration of the

Order; or

(c)

otherwise in the interests of the public or a section of the public, issue written directions, either of a general or specific nature, to any —

(i)

participant or class of participants;

(ii)

operator; or

(iii)

settlement institution, of a designated payment system.

(2)

Without prejudice to the generality of subsection (1), any written direction issued under that subsection may relate to —

(a)

the appropriate actions to be taken by the participant or class of participants, or the operator or the settlement institution, in relation to its business;

(b)

the appointment of a person approved by the Authority to advise the participant or class of participants, or the operator or the settlement institution, on the proper conduct of its business;

Payment and Settlement Systems

(Oversight)

(c)

the conditions that will apply if any function of the operator or the settlement institution is outsourced; and

(d)

such other matters as the Authority may consider necessary or expedient or in the interests of the public or a section of the public.

(3)

Any person who fails to comply with a written direction issued under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.