Payment Services Act 2019 · 2020 Revised Edition · Part 5 · Emergency Powers
81. Other provisions concerning control
Feedback & supportThe Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist.
A statutory manager is deemed to have assumed control of the relevant business of a payment entity on the date of the statutory manager’s appointment as a statutory manager.
statutory manager
“statutory manager” means a statutory manager appointed under section 78(2)(c).
Without limiting section 78(4)(a), the Authority may at any time revoke the appointment of a statutory manager in relation to the relevant business of a payment entity —
relevant business
“relevant business”, in relation to a payment entity, means any business of that payment entity —(a)in relation to which a statutory adviser has been appointed under section 78(2)(b);(b)in relation to which a statutory manager has been appointed under section 78(2)(c); or(c)that the Authority has assumed control of under section 78(2)(c);
if the Authority is satisfied that the reasons for the appointment have ceased to exist; or
on any other ground.
The statutory manager ceases to be in control of the relevant business of the payment entity upon the revocation of the statutory manager’s appointment under subsection (3) or section 78(4)(a).
payment entity
“payment entity” means any of the following entities:(a)a licensee;(b)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;(c)an operator of a designated payment system;(d)a settlement institution of a designated payment system;
The Authority must publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a payment entity;
the cessation of the Authority’s control of the relevant business of a payment entity;
the appointment of a statutory manager in relation to the relevant business of a payment entity; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a payment entity.