Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Designation of Payment Systems
7. Power of Authority to designate payment systems
Official textFrom Attorney General's Chambers, unchanged
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order published in the Gazette, designate a payment system as a designated payment system for the purposes of this Act, if the
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
Authority is satisfied that —
a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Brunei Darussalam;
Payment and Settlement Systems
(Oversight)
a disruption in the operations of the payment system could affect public confidence in payment systems or the financial system of
Brunei Darussalam; or
it is otherwise in the interests of the public to do so.
Any order made under subsection (1) shall identify the operator and the settlement institution of the designated payment system, and shall continue to have effect until it is withdrawn by the Authority.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
An operator or a settlement institution who is aggrieved by a decision of the Authority to designate the payment system as a designated payment system may, within 30 days after the order is published in the
settlement institution
“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;
Gazette, appeal in writing to the Minister whose decision shall be final.
Minister
“Minister” means the Minister of Finance and Economy; Payment and Settlement Systems (Oversight)
Notwithstanding the lodging of an appeal under subsection (3), the designation by the Authority under this section shall continue to have effect pending the decision of the Minister.
The Minister may, when deciding an appeal under subsection (3), direct that the Authority shall not designate the payment system as a designated payment system, and such direction shall have effect from the date of the decision of the Minister.
payment system
“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;
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 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;
Minister
Defined · s 2“Minister” means the Minister of Finance and Economy; Payment and Settlement Systems (Oversight)
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
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
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