Payment Systems (Oversight) Act · 2007 Revised Edition · Part V · Obligations of Operators and Settlement Institutions of Designated Payment Systems
12. Obligation of operator and settlement institution to notify Authority of certain events
Feedback & supportAn operator and a settlement institution 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;
an intention to make a material change to the nature of the operating rules, settlement procedures or activities of the designated payment system;
an event or irregularity that impedes or prevents access to, or impairs the usual operations of the designated payment system or its settlement operations, as the case may be;
the operator or settlement institution, as the case may be, becoming, or likely to become, insolvent or unable to meet its financial, statutory, contractual or other obligations;
any other event that the Authority may prescribe by regulations or specify by notice in writing.
Any operator or settlement institution of a designated payment system who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000.
settlement institution
“settlement institution” means a person who provides facilities for —(a)the participants of a payment system to hold funds; and(b)the settling of transactions between the participants;