Payment Systems (Oversight) Act · 2007 Revised Edition · Part V · Obligations of Operators and Settlement Institutions of Designated Payment Systems
13. Obligation of operator to submit periodic reports
Feedback & supportAn operator of a designated payment system shall submit to the Authority such reports in such form, manner and frequency as the Authority may prescribe.
operator
“operator”, in relation to a payment system, means a person who operates the payment system;
Any operator 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 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. 66]
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;