Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Oversight Powers Over Designated Payment Systems
32. Voluntary transfer of business
Official textFrom Attorney General's Chambers, unchanged
A transferor may transfer the whole or any part of its business
transferor
“transferor” means an operator or a settlement institution of a designated payment system the whole or any part of the business of which is, is to be, or is proposed to be, transferred under section 32(1).
(including any business that is not the usual business of an operator or a settlement institution of a designated payment system) to a transferee, if —
business
“business” includes affairs, property, right, obligation and liability;
the Authority has consented to the transfer;
the transfer involves the whole or any part of the business of the transferor that is the usual business of an operator or a settlement institution of a designated payment system; and
the Court has approved the transfer.
Subsection (1) is without prejudice to the right of an operator or a settlement institution of a designated payment system to transfer the whole or any part of its business under any written law.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
The Authority may consent to a transfer under subsection (1)(a) if the Authority is satisfied that —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
the transferee is a fit and proper person; and
the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act.
The Authority may at any time appoint one or more persons to perform an independent assessment of, and furnish a report on, the proposed transfer of a transferor’s business or any part thereof under subsection (1).
Payment and Settlement Systems
(Oversight)
The remuneration and expenses of any person appointed under subsection (4) shall be paid by the transferor and the transferee jointly and severally.
transferee
“transferee” means a person who is carrying on, or who intends to carry on, in Brunei Darussalam the usual business of an operator or a settlement institution of a designated payment system, to which the whole or any part of a transferor’s business is, is to be or is proposed to be, transferred under section 32(1);
The Authority shall serve a copy of any report furnished under subsection (4) on the transferor and the transferee.
The Authority may require a person to furnish, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of its duties or functions, or the exercise of its powers, under this section and section 33.
Any person who —
without reasonable excuse, fails to comply with any requirement under subsection (7); or
in purported compliance with any requirement under subsection (7), 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
$150,000, imprisonment for a term not exceeding 3 years or both 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.
Where a person claims, before furnishing the Authority with any information or document that he is required to furnish under subsection (7), that the information or document might tend to incriminate him, the information or document shall not be admissible in evidence against him in criminal proceedings other than proceedings under subsection (8).
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;
transferee
Defined · s 31“transferee” means a person who is carrying on, or who intends to carry on, in Brunei Darussalam the usual business of an operator or a settlement institution of a designated payment system, to which the whole or any part of a transferor’s business is, is to be or is proposed to be, transferred under section 32(1);
transferor
Defined · s 31“transferor” means an operator or a settlement institution of a designated payment system the whole or any part of the business of which is, is to be, or is proposed to be, transferred under section 32(1).
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