Singapore legislation
Regulation 25
Regulation 25
Business continuity management of operators of designated payment systems
Subregulation 1
An operator of a designated payment system must —
maintain at all times a plan of action (called in this regulation a business continuity plan) that sets out the procedures and establishes the systems necessary to restore safe and efficient operations of the designated payment system in the event of any disruption to the processes of the designated payment system; and
submit a copy of the business continuity plan to the Authority within 3 months after the end of each financial year.
Subregulation 2
An operator of a designated payment system must review the business continuity plan at least once in each financial year.
Subregulation 3
An operator of a designated payment system must immediately notify the Authority of any activation of its business continuity plan and of any action taken or intended to be taken to restore the safe and efficient operation of the designated payment system.
Subregulation 4
An operator of a designated payment system must, within 14 days or any longer period that may be permitted by the Authority, inform the Authority of any material change to the business continuity plan and must submit, at the request of the Authority, a copy of the new or amended business continuity plan to the Authority.