Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
16. Variation of access regime
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, vary an access regime which has been imposed in respect of a designated payment system under section 15, on such terms and conditions as the Authority may consider appropriate.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
In considering whether to vary an access regime under subsection (1), the Authority shall have regard to the following —
access regime
“access regime”, in relation to a designated payment system, means an access regime imposed by the Authority under section 15;
whether variation of the access regime in respect of the designated payment system would be in the interests of the public;
the interests of the current participants, operator and settlement institution of the designated payment system;
the interests of persons who, in the future, may require or desire access to the designated payment system; and
such other matters as the Authority may consider to be relevant.
Terms defined in s 2
access
Defined · s 2“access”, in relation to a designated payment system, means the entitlement or eligibility of a person to become a participant in the payment system, on a commercial basis on terms that are fair and reasonable;
access regime
Defined · s 2“access regime”, in relation to a designated payment system, means an access regime imposed by the Authority under section 15;
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;
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
Payment Instruments
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Assistance to Foreign Regulatory Authorities
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