Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
19. Power of Authority to impose conditions
Official textFrom Attorney General's Chambers, unchanged
The Authority may, by notice in writing, impose on a participant, an operator or a settlement institution of a designated payment system such conditions as the Authority may think fit.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
The Authority may, at any time, by notice in writing to a participant, an operator or a settlement institution of the designated payment system, vary any condition as the Authority may think fit.
participant
“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;
Without affecting the generality of subsection (1) or (2), the conditions that the Authority may impose include conditions relating to —
the activities that the operator or settlement institution of the designated payment system may undertake; and
Payment and Settlement Systems
(Oversight)
the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.
Any participant, operator or settlement institution of a designated payment system which fails to comply with any condition imposed under subsection (1) or (2) is guilty of an offence and liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
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;
corporation
Defined · s 2“corporation” has the same meaning as in section 2(1) of the Companies Act;
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;
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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