Payment and Settlement Systems (Oversight) Act · s 19

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19.
Power of Authority to impose conditions
(1) The Authority may, by notice in writing, impose on a participant, an operator or a settlement institution of a designated payment system such conditions as the Authority may think fit.
(2) The Authority may, at any time, by notice in writing to a participant, an operator or a settlement institution of the designated payment system, vary any condition as the Authority may think fit.
(3) Without affecting the generality of subsection (1) or (2), the conditions that the Authority may impose include conditions relating to —
(a) the activities that the operator or settlement institution of the designated payment system may undertake; and

Payment and Settlement Systems
(Oversight)
(b) the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.
(4) Any participant, operator or settlement institution of a designated payment system which fails to comply with any condition imposed under subsection (1) or (2) 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 19Power of Authority to impose conditions

(1)

The Authority may, by notice in writing, impose on a participant, an operator or a settlement institution of a designated payment system such conditions as the Authority may think fit.

(2)

The Authority may, at any time, by notice in writing to a participant, an operator or a settlement institution of the designated payment system, vary any condition as the Authority may think fit.

(3)

Without affecting the generality of subsection (1) or (2), the conditions that the Authority may impose include conditions relating to —

(a)

the activities that the operator or settlement institution of the designated payment system may undertake; and

Payment and Settlement Systems

(Oversight)

(b)

the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.

(4)

Any participant, operator or settlement institution of a designated payment system which fails to comply with any condition imposed under subsection (1) or (2) 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.