Section 77

any situation that prevents a designated payment system from carrying out its functions;

any situation in which, in the opinion of the Authority, the operations of a designated payment system are carried on in a manner likely to be detrimental to the interests of the participants of the designated payment system; or

any undesirable situation or practice that, in the opinion of the Authority, constitutes an emergency;“office‑holder”, in relation to a payment entity, means any person acting as the liquidator, provisional liquidator, receiver, receiver and manager, judicial manager or an equivalent person of that payment entity;“payment entity” means any of the following entities:

a licensee;

a person that is granted a licence under section 57B of the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore;

an operator of a designated payment system;

a settlement institution of a designated payment system;“relevant business”, in relation to a payment entity, means any business of that payment entity —

in relation to which a statutory adviser has been appointed under section 78(2)(b);

in relation to which a statutory manager has been appointed under section 78(2)(c); or

that the Authority has assumed control of under section 78(2)(c);“statutory adviser” means a statutory adviser appointed under section 78(2)(b);“statutory manager” means a statutory manager appointed under section 78(2)(c).