Payment and Settlement Systems (Oversight) Act · s 35

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s 35Designation of payment instruments

(1)

Where the Authority is of the opinion that —

(a)

a payment instrument may be of widespread use as a means of making payment and may affect the payment systems of Brunei

Darussalam; and

Payment and Settlement Systems

(Oversight)

(b)

it is necessary to protect the interest of the public or it is necessary to maintain the integrity, efficiency and reliability of a payment instrument, the Authority may prescribe such payment instrument as a designated payment instrument.

(2)

Where a payment instrument is prescribed as a designated payment instrument, the issuer of that designated payment instrument shall comply with the requirements of section 36(1) within such period as the

Authority may specify.