Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
18. Right to appeal
Official textFrom Attorney General's Chambers, unchanged
If a person has been denied access to a designated payment system by the person who determines access to the designated payment system, regardless of whether he is a participant, an operator or a settlement institution of the designated payment system, in contravention of section 15(1) or 16(1), he may, within 30 days after he is notified of the decision to deny him access, appeal in writing to the Minister whose decision shall be final.
access
“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;
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;
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;
Minister
Defined · s 2“Minister” means the Minister of Finance and Economy; Payment and Settlement Systems (Oversight)
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
participant
Defined · s 2“participant”, in relation to a payment system, means any person who is recognised in the rules of the payment system or otherwise recognised as being eligible to settle payments through the payment system with other participants;
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
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