Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · General
60. Exemption
Official textFrom Attorney General's Chambers, unchanged
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order, either permanently or for such period as he may think fit, exempt any person or class of persons, any payment system or class of payment systems, any payment instrument or class of payment instruments, from all or any of the provisions of this Act subject to such conditions as he may determine.
Minister
“Minister” means the Minister of Finance and Economy; Payment and Settlement Systems (Oversight)
The Minister may, on the application of any person, by notice in writing exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Minister under this Act if he considers it appropriate to do so in the circumstances of the case.
An exemption granted under subsection (2) —
may be granted subject to such conditions as the Minister may specify by notice in writing;
Payment and Settlement Systems
(Oversight)
need not be published in the Gazette; and
may be withdrawn at any time by the Minister.
Any person who contravenes any condition imposed under subsection (1) or (3)(a) is guilty of an offence.
Terms defined in s 2
Minister
Defined · s 2“Minister” means the Minister of Finance and Economy; Payment and Settlement Systems (Oversight)
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;
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;