Payment Services Act 2019 · 2020 Revised Edition · Part 3 · Payment Systems
44. Power of Authority to impose conditions or restrictions
Feedback & supportThe Authority may, by written notice, impose on a participant, an operator or a settlement institution of a designated payment system such conditions or restrictions as the Authority thinks fit.
The Authority may, at any time, by written notice to a participant, an operator or a settlement institution of the designated payment system, vary any condition or restriction.
participant
“participant”, in relation to a payment system, means any person that is recognised in the rules of the payment system, or is otherwise recognised by the operator or settlement institution of the payment system, as being eligible to settle payments through the payment system with other persons that are similarly recognised, or to process payments through the payment system;
Without limiting subsection (1) or (2), the conditions or restrictions that the Authority may impose include conditions or restrictions relating to any of the following matters:
the activities that the operator or settlement institution of the designated payment system may undertake;
the standards to be maintained by the operator or settlement institution of the designated payment system;
the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.
A participant, operator or settlement institution of a designated payment system that fails to comply with any condition or restriction imposed under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 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.
operator
“operator”, in relation to a payment system, means a person that operates the payment system;