Long Title

Part I PRELIMINARY

Part II FUNCTIONS AND POWERS OF AUTHORITY

Part III INFORMATION GATHERING POWERS OVER PAYMENT SYSTEMS

Part IV DESIGNATION OF PAYMENT SYSTEMS

Part V OBLIGATIONS OF OPERATORS AND SETTLEMENT INSTITUTIONS OF DESIGNATED PAYMENT SYSTEMS

Part VI OVERSIGHT POWERS OVER DESIGNATED PAYMENT SYSTEMS

Part VII STORED VALUE FACILITIES

Part VIII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part IX MISCELLANEOUS

Legislative Source Key

Legislative History

Comparative Table

PART IV
DESIGNATION OF PAYMENT SYSTEMS
Power of Authority to designate payment systems
7.
—(1)  The Authority may, by order published in the Gazette, designate a payment system as a designated payment system for the purposes of this Act, if the Authority is satisfied that —
(a)
a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Singapore;
(b)
a disruption in the operations of the payment system could affect public confidence in payment systems or the financial system of Singapore; or
(c)
it is otherwise in the interests of the public to do so.
(2)  Any order made under subsection (1) shall identify the operator and the settlement institution of the designated payment system, and shall continue to have effect until it is withdrawn by the Authority.
(3)  An operator or a settlement institution who is aggrieved by a decision of the Authority to designate the payment system as a designated payment system may, within 30 days after the order is published in the Gazette, appeal in writing to the Minister whose decision shall be final.
(4)  Notwithstanding the lodging of an appeal under subsection (3), the designation by the Authority under this section shall continue to have effect pending the decision of the Minister.
(5)  The Minister may, when deciding an appeal under subsection (3), direct that the Authority shall not designate the payment system as a designated payment system, and such direction shall have effect from the date of the decision of the Minister.
[Aust Payment Systems Act 1998, s. 8; SF Act, s. 55 (1); PSS (Finality & Netting) Act, s. 3]
Prohibition on holding out as designated payment system
8.
—(1)  No person shall hold himself out as the operator or settlement institution of a designated payment system unless the payment system has been designated by the Authority under section 7.
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[SF Act, s. 56]
Annual fees payable by operator of designated payment system
9.
—(1)  Every operator of a designated payment system shall pay to the Authority such annual fees as may be prescribed and in such manner as may be specified by the Authority.
(2)  The Authority may, where it considers appropriate, refund or remit in whole or in part any annual fee paid or payable under subsection (1).
[SF Act, s. 69]
Withdrawal of designation of payment system
10.
—(1)  The Authority may, by order published in the Gazette, withdraw the designation of any designated payment system at any time if the Authority is of the opinion that the considerations in section 7(1) are no longer valid or satisfied.
(2)  The Authority shall not on its own initiative withdraw the designation of any designated payment system without giving the operator and the settlement institution an opportunity to be heard.
[SF Act, s. 58]