Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
21. Power of Authority to approve chief executive officer and directors of operator
Official textFrom Attorney General's Chambers, unchanged
No operator of a designated payment system shall appoint a person to be its —
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
chief executive officer in Brunei Darussalam; or
director in Brunei Darussalam, unless the operator has obtained the approval of the Authority.
Subject to section 22, where an operator of a designated payment system has obtained the approval of the Authority to appoint a person to be its chief executive officer or director under subsection (1), the person may, upon the expiry of his term, be reappointed to be the chief executive officer or director of the operator, as the case may be, without the approval of the
designated payment system
“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;
Authority.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
An application for approval under subsection (1) shall be made in such form and manner as the Authority may determine.
Without prejudice to any other matters that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such criteria as the Authority may specify in written directions.
Subject to subsection (6), the Authority shall not refuse an application for approval under this section without giving the operator of the designated payment system an opportunity to be heard.
Payment and Settlement Systems
(Oversight)
The Authority may refuse an application for approval under subsection (1) on any of the following grounds without giving the operator of the designated payment system an opportunity to be heard —
the person is an undischarged bankrupt, whether in Brunei
Darussalam or elsewhere;
the person has been convicted, whether in Brunei Darussalam or elsewhere, of an offence —
involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.
Where the Authority refuses an application for approval under this section, the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
The operator of a designated payment system shall, as soon as practicable, give written notice to the Authority of the resignation or removal of its chief executive officer or director.
chief executive officer
“chief executive officer”, in relation to the operator of a designated payment system, means any person by whatever name described, who is — (a) in the direct employment of, or acting for or by arrangement with, the operator of the designated payment system; and (b) principally responsible for the management and conduct of the business of the operator in Brunei Darussalam;
Any person who contravenes subsection (1) or (8) is guilty of an offence and liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.
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;
chief executive officer
Defined · s 2“chief executive officer”, in relation to the operator of a designated payment system, means any person by whatever name described, who is — (a) in the direct employment of, or acting for or by arrangement with, the operator of the designated payment system; and (b) principally responsible for the management and conduct of the business of the operator in Brunei Darussalam;
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;
director
Defined · s 2“director” has the same meaning as in section 2(1) of the Companies Act;
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
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Payment Instruments
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Assistance to Foreign Regulatory Authorities
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