Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
35. Designation of payment instruments
Official textFrom Attorney General's Chambers, unchanged
Where the Authority is of the opinion that —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
a payment instrument may be of widespread use as a means of making payment and may affect the payment systems of Brunei
Darussalam; and
Payment and Settlement Systems
(Oversight)
it is necessary to protect the interest of the public or it is necessary to maintain the integrity, efficiency and reliability of a payment instrument, the Authority may prescribe such payment instrument as a designated payment instrument.
Where a payment instrument is prescribed as a designated payment instrument, the issuer of that designated payment instrument shall comply with the requirements of section 36(1) within such period as the
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;
Authority may specify.
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;
designated payment instrument
Defined · s 2“designated payment instrument” means a payment instrument prescribed as a designated instrument under section 35(1);
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;
Part
Assistance to Foreign Regulatory Authorities
Part