Singapore legislation
Section 20A
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 20A
Power to issue written directions
(1)
The Authority may, for any of the following reasons, issue written directions, either of a general nature or of a specific nature, to any person or class of persons specified in subsection (2):
the Authority thinks it is necessary or expedient for ensuring the integrity and proper management of a designated system;
the Authority thinks it is necessary or expedient for the effective administration of this Act;
the Authority thinks it is otherwise in the interests of the public or a section of the public.
(2)
If the Authority issues any written direction under subsection (1) to any of the following persons or classes of persons, that person or class of persons must comply with that direction:
any participant or class of participants of a designated system;
any operator or class of operators of a designated system;
any settlement institution or class of settlement institutions of a designated system;
any collateral holder or class of collateral holders of a designated system.
(3)
Without limiting subsection (1), a written direction issued under that subsection may relate to any of the following matters:
the appropriate actions to be taken by any person specified in subsection (2), or by any person belonging to a class of persons specified in subsection (2), in relation to that person’s business;
the Rules of a designated system;
the conditions that will apply if any function of an operator or a settlement institution of a designated system is outsourced.
(4)
A written direction issued under subsection (1) need not be published in the Gazette.
(5)
The Authority may at any time vary or revoke any written direction issued under subsection (1).
(6)
Any person who fails to comply with a written direction issued under subsection (1) to that person, or to a class of persons to whom that person belongs, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.