Singapore legislation
Clause 20
Clause 20
Power of Authority to issue written directions
(1)
The Authority may, if it thinks —
it is necessary or expedient for ensuring the integrity and proper management of a designated payment system;
it is necessary or expedient for the effective administration of the Act; or
it is otherwise in the interests of the public or a section of the public,issue written directions, either of a general or specific nature, to —
any participant or class of participants;
any operator; or
any settlement institution,of a designated payment system, and that person or class of persons shall comply with such directions.
(2)
Without prejudice to the generality of subsection (1), any written direction issued under that subsection may relate to —
the appropriate actions to be taken by the participant or class of participants, or the operator or the settlement institution, in relation to its business;
the appointment of a person approved by the Authority to advise the participant or class of participants, or the operator or the settlement institution, on the proper conduct of its business;
the conditions that will apply if any function of the operator or the settlement institution is outsourced; and
such other matters as the Authority may consider necessary or expedient or in the interests of the public or a section of the public.
(3)
Any person who fails to comply with a written direction issued under subsection (1) 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 thereof during which the offence continues after conviction.