In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
Official textFrom Attorney General's Chambers, unchanged
An issuer of a designated payment instrument shall establish the following operational arrangements —
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;
rules and procedures setting out the rights and liabilities of the issuer and the user of the designated payment instrument and the risks the user may incur;
designated payment instrument
“designated payment instrument” means a payment instrument prescribed as a designated instrument under section 35(1);
measures to ensure prudent management of funds collected from a user of the designated payment instrument, including measures to ensure that such funds are available for repayment to a user; and
measures to ensure safety, security and operational reliability of the designated payment instrument including contingency arrangements.
Payment and Settlement Systems
(Oversight)
designated payment instrument
“designated payment instrument” means a payment instrument prescribed as a designated instrument under section 35(1);
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;
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