Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
43. Power to make modifications
Official textFrom Attorney General's Chambers, unchanged
The Authority may, by notice in writing, require an issuer of a designated payment instrument to make modifications to —
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
the designated payment instrument including governance arrangements referred to in section 38;
operational arrangements referred to in section 39;
documents and information submitted under section 36(1);
and
any other documents relating to the designated payment instrument.
In exercising its powers under subsection (1), the Authority shall have regard to —
systemic risk;
the object of the Authority to promote monetary stability and a sound financial structure;
the interest of the public including market conditions and behaviour;
the safety, integrity, efficiency or reliability of the designated payment instrument including security and operating standards and infrastructure arrangements;
Payment and Settlement Systems
(Oversight)
the interests of the current users of the designated payment instrument; or
the interests of persons who, in the future, may want to use the designated payment instrument.
An issuer of a designated payment instrument shall make such modifications as may be required under subsection (1) within such time as the Authority may specify.
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;
The Authority shall give the issuer of a designated payment instrument a reasonable opportunity to make representations before making a decision to impose the requirement under subsection (1).
designated payment instrument
“designated payment instrument” means a payment instrument prescribed as a designated instrument under section 35(1);
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;
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