Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Information Gathering Powers Over Payment Systems
6. Information to Authority
Official textFrom Attorney General's Chambers, unchanged
The Authority may, by notice in such form and manner as the
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
Authority may determine, require —
any participant;
any operator or any person acting on behalf of an operator; or
any settlement institution, of a payment system to provide to the Authority, within a reasonable period as specified in the notice, all such information relating to the payment system as may be required by the Authority.
Without prejudice to the generality of subsection (1), the
Authority may in a notice issued under that subsection require any person referred to in paragraph (a), (b) or (c) of subsection (1) to provide, whether in the form of a return to be provided on a periodic basis or otherwise —
Payment and Settlement Systems
(Oversight)
information relating to —
the operation of the payment system; and
the pricing of, or other form of consideration for, the services offered by the payment system;
information relating to the participation or other involvement of that person in the payment system; and
such other information as the Authority may require for the purposes of this Act.
Subject to subsection (5), any person to whom a notice is issued under subsection (1) shall comply with the notice.
Any person who fails to comply with a notice issued under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 2 years or both and, in the case of a continuing offence, to a further fine not exceeding
$15,000 for every day or part thereof during which the offence continues after conviction.
A person to whom a notice is issued under subsection (1) shall not be obliged to disclose any information where he is prohibited by any written law from disclosing such information.
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;
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 system
Defined · s 2“payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;
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;
Part
Designation of Payment Systems
Part
Obligations of Operators and Settlement Institutions of Designated Payment Systems
Part
Oversight Powers Over Designated Payment Systems
Part
Payment Instruments
Part
Assistance to Foreign Regulatory Authorities
Part