Payment Systems (Oversight) Act · 2007 Revised Edition · Part V · Obligations of Operators and Settlement Institutions of Designated Payment Systems
11. Obligation of operator to notify Authority of businesses and acquisition of corporations
Feedback & supportAn operator of a designated payment system shall notify the Authority as soon as practicable after the occurrence of any of the following events:
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
the carrying on of any business by the operator of the designated payment system other than —
the business of operating a payment system;
a business incidental to operating a payment system; or
such business or class of businesses as the Authority may prescribe;
the acquisition by the operator of the designated payment system of a substantial shareholding in a corporation which does not carry on —
the business of operating a payment system;
a business incidental to operating a payment system; or
such business or class of businesses as the Authority may prescribe.
An operator of a designated payment system shall, within 2 months after the designation of the payment system, notify the Authority of its substantial shareholding in a corporation which does not carry on —
designated payment system
“designated payment system” means a payment system that is designated by the Authority under section 7 to be a designated payment system for the purposes of this Act;
the business of operating a payment system;
a business incidental to operating a payment system; or
such business or class of businesses as the Authority may prescribe.
Without prejudice to the generality of section 20(1), the Authority may, at any time after receiving the notification referred to in subsection (1) or (2), issue directions to the operator of the designated payment system —
where the notification relates to a matter referred to in subsection (1)(a) —
to cease carrying on the first-mentioned business referred to in subsection (1)(a); or
to carry on the first-mentioned business referred to in subsection (1)(a) on such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes referred to in section 20(1); or
where the notification relates to a matter referred to in subsection (1)(b) or (2) —
to dispose of the shareholding referred to in subsection (1)(b) or (2); or
to exercise its rights relating to such shareholding on such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes referred to in section 20(1), and the operator of the designated payment system shall comply with such directions.
Any person who contravenes subsection (1) or (2) or any direction issued by the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.[SF Act, s. 60]