Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
17. Cessation and revocation of access regime
Official textFrom Attorney General's Chambers, unchanged
An access regime in respect of a designated payment system ceases to be in force if —
access regime
“access regime”, in relation to a designated payment system, means an access regime imposed by the Authority under section 15;
the order imposing or varying the access regime under section 15(1) or 16(1), as the case may be, provides for an expiry date and that date is reached;
the Authority revokes the access regime under subsection (2);
or
the payment system concerned ceases to exist or operate, or ceases to be a designated payment system.
Payment and Settlement Systems
(Oversight)
The Authority may, by order published in the Gazette, revoke an access regime if the Authority considers it appropriate to do so.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
In considering whether to revoke an access regime under subsection (2), the Authority shall have regard to the following —
whether the revocation of the access regime 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;
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
Payment Instruments
Part
Assistance to Foreign Regulatory Authorities
Part