Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
37. Revocation of approval
Official textFrom Attorney General's Chambers, unchanged
The Authority may revoke an approval granted under section 36(1)(c) if it appears to the Authority that —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
the issuer has contravened or is contravening any of the provisions of this Act;
the issuer has contravened any conditions of the approval;
Payment and Settlement Systems
(Oversight)
the issuer has failed to comply with any code, guideline, policy statement or practice note issued by the Authority under section 61;
the issuer has made a false or an incorrect statement in the documents or information submitted under section 36(1)(a) or particulars of any change to the documents and information submitted under section 40(1);
the issuer has ceased issuing the designated payment instruments for any continuous period of 6 months; or
the issuer goes into liquidation or is wound up or is otherwise dissolved.
The Authority shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.
issuer
“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;
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;
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