Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Designation of Payment Systems
10. Withdrawal of designation of payment system
Official textFrom Attorney General's Chambers, unchanged
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order published in the Gazette, withdraw the designation of any designated payment system at any time if the Authority is of the opinion that the considerations in section 7(1) are no longer valid or satisfied.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
The Authority shall not on its own initiative withdraw the designation of any designated payment system without giving the operator and the settlement institution an opportunity to be heard.
designated payment system
“designated payment system” means a payment system that is designated by the Authority under section 7 to be a designated payment system for the purposes of this Act;
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
designated payment system
Defined · s 2“designated payment system” means a payment system that is designated by the Authority under section 7 to be a designated payment system for the purposes of this Act;
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
payment system
Defined · s 2“payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;
settlement institution
Defined · s 2“settlement institution” means a person who provides facilities for — (a) the participants of a payment system to hold funds; and (b) the settling of transactions between the participants;
Part
Obligations of Operators and Settlement Institutions of Designated Payment Systems
Part
Oversight Powers Over Designated Payment Systems
Part
Payment Instruments
Part
Assistance to Foreign Regulatory Authorities
Part