Singapore legislation
Regulation 9
Regulation 9
Variation or change of licence
Subregulation 1
For the purposes of section 7(1) of the Act, an application by a licensee for a variation or change of the licensee’s licence must be in Form 2 and must be lodged with the Authority together with any relevant document or information as may be specified in the Form or by the Authority.
Subregulation 2
A standard payment institution or major payment institution that —
is authorised to provide more than one payment service; and
has commenced business in providing one or more but not all of the payment services it is authorised to provide,must make an application to the Authority in Form 2 to remove every payment service it has not commenced business in, immediately upon the expiry of the period of 6 months after the grant of the licence.
Subregulation 3
A standard payment institution or major payment institution that —
is authorised to provide more than one payment service;
has ceased to carry on business in providing one or more of the payment services it is authorised to provide (each called in this regulation a ceased payment service), but has not ceased to provide every type of payment service it is authorised to provide; and
has not resumed business in the ceased payment service or services (as the case may be) for a continuous period of 6 months after the date of the cessation of business,must make an application to the Authority in Form 2 to remove every ceased payment service mentioned in sub‑paragraph (c), immediately upon the expiry of that period of 6 months.