Singapore legislation
Regulation 6
Regulation 6
Defaulting participant
Subregulation 1
Where a participant fails to comply with regulation 5 (called the defaulting participant), the Authority may do one or both of the following:
(a)
suspend the defaulting participant from being a participant of the relevant designated payment system;
(b)
suspend all or any of the participants, for which the defaulting participant is the settlement agent, from being a participant of the relevant designated system.
Subregulation 2
The Authority must give a written notice to the operator of any suspension under paragraph (1).