Payment Services Act 2019 · 2020 Revised Edition · Part 3 · Payment Systems
46. Exemptions applicable to operator, settlement institution or participant of payment system designated to ensure efficiency or competitiveness
Feedback & supportSection 50, Divisions 4 to 8 of this Part, and Part 5 do not apply to an operator of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)(b).
operator
“operator”, in relation to a payment system, means a person that operates the payment system;
Sections 44, 102 and 103, Divisions 3 to 8 of this Part, and Parts 4 and 5 do not apply to a settlement institution of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)(b).
settlement institution
“settlement institution” means a person that provides facilities for —(a)the participants of a payment system to hold funds; and(b)the settling of transactions between the participants;
Division 4 of this Part does not apply to a participant of a designated payment system that is designated only because the Authority is satisfied of the consideration in section 42(1)(b).
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;