Singapore legislation
Clause 5
of Payment and Settlement Systems (Finality and Netting) (Amendment) Bill
Clause 5
New section 4A
The principal Act is amended by inserting, immediately after section 4, the following section:“Prohibition against holding out as operator or settlement institution of designated system4A.—
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.”.