Laws
Payment and Settlement Systems (Oversight) Act
s 11

In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)

Contents

Payment and Settlement Systems (Oversight) Act

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Preliminary

1Citation
2Interpretation
3Application of Act

Functions and Powers of Authority

4Authority to exercise oversight functions in respect of payment systems and payment instruments
5Authority to have regard to public interest

Information Gathering Powers Over Payment Systems

6Information to Authority

Designation of Payment Systems

7Power of Authority to designate payment systems
8Prohibition on holding out as designated payment system
9Annual fees payable by operator of designated payment system
10Withdrawal of designation of payment system

Obligations of Operators and Settlement Institutions of Designated Payment Systems

11Obligation of operator to notify Authority of businesses and acquisition of corporations
12Obligation of operator and settlement institution to notify Authority of certain events
13Obligation of operator to submit periodic reports
14Obligation of operator and settlement institution to appoint auditor

Oversight Powers Over Designated Payment Systems

15Power of Authority to impose access regime
16Variation of access regime
17Cessation and revocation of access regime
18Right to appeal
19Power of Authority to impose conditions
20Power of Authority to issue written directions
21Power of Authority to approve chief executive officer and directors of operator
22Removal of director or executive officer
23Control of substantial shareholding in operator
24Approval of applications for substantial shareholding
25Contravention of section 23 or 24
26Additional powers of Authority in respect of auditors
27Inspection by Authority
28Confidentiality of inspection reports
29Emergency powers of Authority
30Responsibilities of officers, member etc. of operator or settlement institution
31Interpretation of sections 31, 32 and 33
32Voluntary transfer of business
33Approval of transfer

Payment Instruments

34Prohibition of issuance of payment instruments
35Designation of payment instruments
36Issuing of designated payment instruments
37Revocation of approval
38Governance arrangements
39Operational arrangements
40Changes to designated payment instruments
41Requirement to incorporate
42Requirement to submit information
43Power to make modifications
44Power to issue written directions
45Examination by Authority
46Production of person’s books etc.
47Appeal against decision of Authority

Assistance to Foreign Regulatory Authorities

48Interpretation of this Part
49Conditions for provision of assistance
50Other factors to consider for provision of assistance
51Assistance that may be rendered
52Offences under this Part
53Immunities

General

54Offences by officers
55Duty not to provide false or misleading information
56Opportunity to be heard
57Publication of certain information
58Composition of offences
59General penalty
60Exemption
61Codes, guidelines etc.
62Regulations

Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition

11. Obligation of operator to notify Authority of businesses and acquisition of corporations

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Official textFrom Attorney General's Chambers, unchanged

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;
Open s 2
operator
Defined · s 2
“operator”, in relation to a payment system, means a person who operates the payment system;
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Oversight Powers Over Designated Payment Systems

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Payment Instruments

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Part

Assistance to Foreign Regulatory Authorities

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Part

General

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Details

Payment and Settlement Systems (Oversight) Act · s 11

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Where this comes from

Attorney General's Chambers · Payment and Settlement Systems (Oversight) Act, 2022 Revised Edition. Reader record updated on 2 Oct 2026.

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