In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Designation of Payment Systems
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Designation of Payment Systems
Official textFrom Attorney General's Chambers, unchanged
No person shall hold himself out as the operator or settlement institution of a designated payment system unless the payment system has been designated by the Authority under section 7.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000, imprisonment for a term not exceeding 2 years or both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
designated payment system
“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;
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
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;
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;
Part
Part
Part
Part
Part