Singapore legislation
Section 4A
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 4A
Prohibition against holding out as operator or settlement institution of designated system
(1)
A person must not hold out that the person is an operator or a settlement institution of a designated system, unless —
the person is an operator or a settlement institution (as the case may be) of a system; and
the Authority has designated the system to be a designated system under section 3.
(2)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.