Payment and Settlement Systems (Oversight) Act · s 39

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s 39Operational arrangements

An issuer of a designated payment instrument shall establish the following operational arrangements —

(a)

rules and procedures setting out the rights and liabilities of the issuer and the user of the designated payment instrument and the risks the user may incur;

(b)

measures to ensure prudent management of funds collected from a user of the designated payment instrument, including measures to ensure that such funds are available for repayment to a user; and

(c)

measures to ensure safety, security and operational reliability of the designated payment instrument including contingency arrangements.

Payment and Settlement Systems

(Oversight)