Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
30. Responsibilities of officers, member etc. of operator or settlement institution
Official textFrom Attorney General's Chambers, unchanged
During the period when the Authority, or a person directed by the
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
Authority under section 29(1)(c) (in this section referred to as the directed person), is in control of the operations of an operator or a settlement institution of a designated payment system —
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
the High Court may, on an application by the Authority or directed person, direct any person who is or was a chief executive officer, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the operator or settlement institution to pay, deliver, convey, surrender or transfer to the Authority or directed person, within such period as the High Court may specify, any property, book, accounts, record or other documents, whether in electronic, print or other form, of the operator or settlement institution
Payment and Settlement Systems
(Oversight)
which is comprised in, forms part of or relates to the operations of the operator or settlement institution, and which is in the person’s possession or control; and
any person who is or was a chief executive officer, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the operator or settlement institution shall give to the Authority or directed person, such information as the Authority or directed person may require for the discharge of the Authority’s or directed person’s duties or functions, or the exercise of the Authority’s or directed person’s powers, in relation to the operator or settlement institution, within such time and in such manner as may be specified by the Authority or directed person.
Any person who —
without reasonable excuse, fails to comply with subsection (1)(b); or
in purported compliance with subsection (1)(b), knowingly or recklessly furnishes any information or document that is false or misleading in a material particular, is guilty of an offence and liable on conviction to a fine not exceeding
$50,000, imprisonment for a term not exceeding 2 years or both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
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;
book
Defined · s 2“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form, on microfilm, in any electronic form or otherwise; Payment and Settlement Systems (Oversight)
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;
executive officer
Defined · s 2“executive officer”, in relation to an operator or a settlement institution of a 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 or settlement institution, as the case may be; and (b) concerned with or takes part in the management of the operator or settlement institution, as the case may be, on a day-to-day basis;
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;
property
Defined · s 31“property” includes property, right and power of every description; Payment and Settlement Systems (Oversight)
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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