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

Power of Authority to issue written directions
36.
—(1)  The Authority may issue written directions, either of a general or specific nature, to an approved holder or approved bank if the Authority thinks it is necessary or expedient for ensuring the integrity of the stored value of the widely accepted stored value facility concerned.
(2)  Without prejudice to the generality of subsection (1), a written direction issued under that subsection may relate to the obligations of the approved holder or approved bank to the users of a widely accepted stored value facility.
(3)  An approved holder or approved bank to which a written direction is issued under this section shall comply with the direction.
(4)  An approved holder or approved bank that fails to comply with a written direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 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.