Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Assistance to Foreign Regulatory Authorities
48. Interpretation of this Part
Official textFrom Attorney General's Chambers, unchanged
In this Part, unless the context otherwise requires —
“enforce” means enforce through criminal or administrative proceedings;
“enforcement” means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to the payment systems or payment instrument of the foreign country of the regulatory authority concerned;
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;
“investigation” means an investigation to determine if a specified person has contravened or is contravening a law or regulatory requirement, being a law or regulatory requirement that relates to the payment systems or payment instrument of the foreign country of the regulatory authority concerned;
foreign country
“foreign country” means a country or territory other than Brunei Darussalam;
“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto;
book
“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form, on microfilm, in any electronic form or otherwise; Payment and Settlement Systems (Oversight)
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“regulatory authority”, in relation to a foreign country, means an authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under this Act;
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
“supervision”, in relation to a regulatory authority, means the taking of any action for or in connection with the supervision of an operator, a settlement institution or a participant of a designated payment system, or any other person, regulated by the regulatory authority.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
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;
book
Defined · s 2“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form, on microfilm, in any electronic form or otherwise; Payment and Settlement Systems (Oversight)
designated payment system
Defined · s 2“designated payment system” means a payment system that is designated by the Authority under section 7 to be a designated payment system for the purposes of this Act;
foreign country
Defined · s 2“foreign country” means a country or territory other than Brunei Darussalam;
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
participant
Defined · s 2“participant”, in relation to a payment system, means any person who is recognised in the rules of the payment system or otherwise recognised as being eligible to settle payments through the payment system with other participants;
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;
settlement institution
Defined · s 2“settlement institution” means a person who provides facilities for — (a) the participants of a payment system to hold funds; and (b) the settling of transactions between the participants;
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