Payment and Settlement Systems (Oversight) Act · s 43

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43.
Power to make modifications
(1) The Authority may, by notice in writing, require an issuer of a designated payment instrument to make modifications to —
(a) the designated payment instrument including governance arrangements referred to in section 38;
(b) operational arrangements referred to in section 39;
(c) documents and information submitted under section 36(1);
and
(d) any other documents relating to the designated payment instrument.
(2) In exercising its powers under subsection (1), the Authority shall have regard to —
(a) systemic risk;
(b) the object of the Authority to promote monetary stability and a sound financial structure;
(c) the interest of the public including market conditions and behaviour;
(d) the safety, integrity, efficiency or reliability of the designated payment instrument including security and operating standards and infrastructure arrangements;

Payment and Settlement Systems
(Oversight)
(e) the interests of the current users of the designated payment instrument; or
(f)
the interests of persons who, in the future, may want to use the designated payment instrument.
(3) An issuer of a designated payment instrument shall make such modifications as may be required under subsection (1) within such time as the Authority may specify.
(4) The Authority shall give the issuer of a designated payment instrument a reasonable opportunity to make representations before making a decision to impose the requirement under subsection (1).

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s 43Power to make modifications

(1)

The Authority may, by notice in writing, require an issuer of a designated payment instrument to make modifications to —

(a)

the designated payment instrument including governance arrangements referred to in section 38;

(b)

operational arrangements referred to in section 39;

(c)

documents and information submitted under section 36(1);

and

(d)

any other documents relating to the designated payment instrument.

(2)

In exercising its powers under subsection (1), the Authority shall have regard to —

(a)

systemic risk;

(b)

the object of the Authority to promote monetary stability and a sound financial structure;

(c)

the interest of the public including market conditions and behaviour;

(d)

the safety, integrity, efficiency or reliability of the designated payment instrument including security and operating standards and infrastructure arrangements;

Payment and Settlement Systems

(Oversight)

(e)

the interests of the current users of the designated payment instrument; or

(f)

the interests of persons who, in the future, may want to use the designated payment instrument.

(3)

An issuer of a designated payment instrument shall make such modifications as may be required under subsection (1) within such time as the Authority may specify.

(4)

The Authority shall give the issuer of a designated payment instrument a reasonable opportunity to make representations before making a decision to impose the requirement under subsection (1).