Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Assistance to Foreign Regulatory Authorities
49. Conditions for provision of assistance
Official textFrom Attorney General's Chambers, unchanged
The Authority may provide the assistance referred to in section 51
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled —
regulatory authority
“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;
the assistance is intended to enable the regulatory authority, or any other authority of the foreign country, to carry out the supervision, investigation or enforcement;
the regulatory authority has given a written undertaking that any material or copy thereof obtained pursuant to its request shall not be used for any purpose other than a purpose that is specified in the request and approved by the Authority;
the regulatory authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country in accordance with paragraph (d)) any material received pursuant to the request unless the regulatory authority is compelled to do so by the law or a court of the foreign country;
the regulatory authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority;
the material requested is of sufficient importance to the carrying out of the supervision, investigation or enforcement to which the request relates and cannot reasonably be obtained by any other means;
the matter to which the request relates is of sufficient gravity;
and
Payment and Settlement Systems
(Oversight)
the rendering of assistance will not be contrary to the public interest.
For the purposes of subsection (1)(c) and (d), “designated third party”, in relation to a foreign country, means —
foreign country
“foreign country” means a country or territory other than Brunei Darussalam;
any person or body responsible for supervising the regulatory authority in question;
any authority of the foreign country responsible for carrying out the supervision, investigation or enforcement in question; or
any authority of the foreign country exercising a function that corresponds to a regulatory function of the
Authority under this Act.
Terms defined in this Act
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
enforcement
Defined · s 48“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;
foreign country
Defined · s 2“foreign country” means a country or territory other than Brunei Darussalam;
investigation
Defined · s 48“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;
material
Defined · s 48“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto; Payment and Settlement Systems (Oversight)
regulatory authority
Defined · s 48“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;
supervision
Defined · s 48“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.
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