Singapore Statutes Online - 222A - Payment Systems (Oversight) Act

Payment Systems (Oversight) Act
(CHAPTER 222A)

Part I PRELIMINARY

1 Short title

2 Interpretation

3 Application of Act

Part II FUNCTIONS AND POWERS OF AUTHORITY

4 Authority to exercise oversight functions in respect of payment systems and stored value facilities

5 Authority to have regard to public interest

Part III INFORMATION GATHERING POWERS OVER PAYMENT SYSTEMS

6 Provision of information to Authority

Part IV DESIGNATION OF PAYMENT SYSTEMS

7 Power of Authority to designate payment systems

8 Prohibition on holding out as designated payment system

9 Annual fees payable by operator of designated payment system

10 Withdrawal of designation of payment system

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

12 Obligation of operator and settlement institution to notify Authority of certain events

13 Obligation of operator to submit periodic reports

14 Obligation of operator and settlement institution to appoint auditor

Part VI OVERSIGHT POWERS OVER DESIGNATED PAYMENT SYSTEMS

15 Power of Authority to impose access regime

16 Variation of access regime

17 Cessation and revocation of access regime

18 Right to apply to High Court

19 Power of Authority to impose conditions or restrictions

20 Power of Authority to issue written directions

21 Power of Authority to approve chief executive officer and directors of operator

22 Removal of director or executive officer

23 Control of substantial shareholding in operator

24 Approval of applications for substantial shareholding

25 Contravention of sections 23 and 24

26 Additional powers of Authority in respect of auditors

27 Inspection by Authority

27A Confidentiality of inspection reports

28 Emergency powers of Authority

28A Responsibilities of officers, member, etc., of operator or settlement institution

28B Interpretation of sections 28B, 28C and 28D

28C Voluntary transfer of business

28D Approval of transfer

Part VII STORED VALUE FACILITIES

29 Provision of information to Authority

30 Labelling, etc., of stored value facility

31 Restriction on soliciting

32 Prohibition on holding out as approved holder

33 Holding of stored value exceeding prescribed limit

34 Application for approval

35 Power of Authority to approve holders and banks

36 Power of Authority to issue written directions

37 Cancellation of approval

38 Revocation of approval

39 Publication of list of widely accepted stored value facilities

40 Section 14 of Currency Act not to apply to stored value facilities

Part VIII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

41 Interpretation of this Part

42 Conditions for provision of assistance

43 Other factors to consider for provision of assistance

44 Assistance that may be rendered

45 Offences under this Part

46 Immunities

Part IX MISCELLANEOUS

47 Duty not to provide false or misleading information

48 Publication of certain information

49 Jurisdiction of District Court

50 Composition of offences

51 Offences by officers

52 General penalty

53 Exemption

54 Opportunity to be heard

55 Directions and notices need not be published in Gazette

56 Regulations

57 Codes, guidelines, etc., by Authority

58 Transitional and savings provisions

Legislative Source Key

Legislative History

Comparative Table

LEGISLATIVE SOURCE KEY

Payment Systems (Oversight) Act

(CHAPTER 222A)

Unless otherwise stated, the abbreviations used in the references to other Acts and statutory provisions are references to the following Acts and statutory provisions. The references are provided for convenience and are not part of the Act:

Aust Payment Systems Act 1998	:	Australia Payment Systems (Regulation) Act 1998
Banking Act	:	Singapore Banking Act (Cap. 19)
Broadcasting Act	:	Singapore Broadcasting Act (Cap. 28)
BT Act	:	Singapore Business Trusts Act 2004 (Act 30 of 2004)
Companies Act	:	Singapore Companies Act (Cap. 50)
FA Act	:	Singapore Financial Advisers Act (Cap. 110)
FP Act	:	Singapore Financial Procedure Act (Cap. 109)
Insurance Act	:	Singapore Insurance Act (Cap. 142)
PSS (Finality & Netting) Act	:	Singapore Payment and Settlement Systems (Finality and Netting) Act (Cap. 231)
SF Act	:	Singapore Securities and Futures Act (Cap. 289)