Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
34. Prohibition of issuance of payment instruments
Official textFrom Attorney General's Chambers, unchanged
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order published in the Gazette, prohibit any person from issuing or using any payment instrument if —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
the issuing or use of the payment instrument is detrimental to the reliable, safe, efficient and smooth operation of the payment systems of Brunei Darussalam; or
the prohibition is in the interest of the public.
The Authority may, in considering whether to prohibit any person from issuing or using any payment instrument under subsection (1), inspect the premises, equipment, machinery, apparatus, books or other documents, or accounts and transactions of the issuer of the payment instrument, upon giving notice in writing to the issuer.
payment instrument
“payment instrument” means any instrument, whether tangible or intangible, that enables a person to obtain money, goods or services or to otherwise make payment;
The Authority shall give the person referred to in subsection (1) a reasonable opportunity to make representation before making a decision to impose the prohibition under that subsection.
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;
issuer
Defined · s 2“issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a payment instrument resulting from the user being issued with or using the payment instrument;
payment instrument
Defined · s 2“payment instrument” means any instrument, whether tangible or intangible, that enables a person to obtain money, goods or services or to otherwise make payment;
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