Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
26. Additional powers of Authority in respect of auditors
Official textFrom Attorney General's Chambers, unchanged
If an auditor of an operator or a settlement institution of a designated payment system, in the course of the performance of his duties, becomes aware of —
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
any matter which, in his opinion, adversely affects or may adversely affect the financial position of the operator or settlement institution, as the case may be, to a material extent;
any matter which, in his opinion, constitutes or may constitute a breach of any provision of this Act or an offence involving fraud or dishonesty; or
Payment and Settlement Systems
(Oversight)
any irregularity that has or may have a material effect upon the accounts of the operator or settlement institution, as the case may be, including any irregularity that affects or jeopardises, or may affect or jeopardise, the interests of the participants of the designated payment system, the auditor shall immediately send to the Authority a written report of the matter or the irregularity.
An auditor shall not, in the absence of malice on his part, be liable to any action for defamation at the suit of any person in respect of any statement made in his report under subsection (1).
Subsection (2) shall not restrict or affect any right, privilege or immunity that the auditor may have, apart from this section, as a defendant in an action for defamation.
The Authority may impose all or any of the following duties on an auditor of an operator or a settlement institution of a designated payment system —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
a duty to submit to the Authority such additional information and reports in relation to his audit as the Authority considers necessary;
a duty to enlarge, extend or alter the scope of his audit of the business and affairs of the operator or settlement institution of the designated payment system, as the case may be;
a duty to carry out any other examination or establish any procedure in any particular case;
a duty to submit to the Authority a report on any matter arising out of his audit or, examination or establishment, referred to in paragraph (b) or (c) respectively.
The operator or settlement institution of the designated payment system shall remunerate the auditor in respect of the discharge by him of such duties as the Authority may impose under subsection (4).
settlement institution
“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;
Any auditor of an operator or a settlement institution of a designated payment system who contravenes subsection (1) or fails to comply with any duty imposed under subsection (4) is guilty of an offence.
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;
Payment and Settlement Systems
(Oversight)
Terms defined in this Act
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
business
Defined · s 31“business” includes affairs, property, right, obligation and liability;
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;
material
Defined · s 48“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto; Payment and Settlement Systems (Oversight)
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;
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Payment Instruments
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Assistance to Foreign Regulatory Authorities
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