On 18/06/2013,
you requested for the version in force on 18/06/2013
incorporating all amendments published on or before 18/06/2013.
The closest version currently available is that of 01/10/2007.
PART III
DESIGNATED PAYMENT SYSTEMS
5.
—(1) For the purposes of section 12(1) of the Act, an operator and a settlement institution of a designated payment system shall notify the Authority as soon as practicable after the occurrence of any of the following events:
(a)
any civil or criminal legal proceeding instituted against the operator or settlement institution, as the case may be, whether in Singapore or elsewhere;
(b)
any disciplinary action taken against the operator or settlement institution, as the case may be, by any regulatory authority, whether in Singapore or elsewhere, other than the Authority;
(c)
any significant change to the regulatory requirements imposed on the operator or settlement institution, as the case may be, by any regulatory authority, whether in Singapore or elsewhere, other than the Authority;
(d)
any failure of the operation of the designated payment system.
(2) In the case of an event referred to in paragraph (1)(a), (b) or (d), the operator or settlement institution, as the case may be, shall within 14 days of the occurrence of the event, or such longer period as the Authority may permit, submit a report to the Authority of the circumstances relating to the event, the remedial actions taken at the time of the event, and the subsequent follow-up actions that the operator or settlement institution, as the case may be, has taken or intends to take.
6.
—(1) For the purposes of section 13(1) of the Act, an operator of a designated payment system shall submit to the Authority the following reports:
(a)
within 3 months after the end of its financial year or such longer period as the Authority may permit, a copy of its —
(i)
annual report and directors’ report prepared in accordance with the provisions of the Companies Act (Cap. 50); and
(ii)
auditors’ long form report;
(b)
a report relating to the business of operating the designated payment system, at such time or on such periodic basis as may be specified by the Authority; and
(c)
such other report as the Authority may require for the proper administration of the Act, at such time or on such periodic basis as may be specified by the Authority.
(2) The auditors’ long form report referred to in paragraph (1)(a)(ii) shall include the findings and recommendations of the auditors, if any, on —
(a)
the internal controls of the operator of the designated payment system; and
7.
—(1) For the purposes of section 21(3) of the Act, an operator of a designated payment system may apply for approval under section 21(1) of the Act by submitting Form 3 to the Authority.
(2) The Authority may require the operator of the designated payment system to furnish it with such information or documents as the Authority considers necessary in relation to the application referred to in paragraph (1) and the operator of the designated payment system shall furnish such information or documents as required by the Authority.
8. For the purposes of section 21(4) of the Act, the Authority may have regard to the following matters in determining whether to grant its approval in respect of an application for approval of the appointment of a person under section 21(1) of the Act:
(a)
whether the person is fit and proper to be so appointed;
(b)
whether the appointment of the person would be consistent with any applicable written law relating to the qualifications for the position or the requirements for the composition of the board of directors of the operator of the designated payment system;
(c)
whether it would be contrary to the interests of the public to approve the appointment of the person.
Criteria to determine failure to discharge duties or functions by chief executive officer and directors
9. For the purposes of section 22(2) of the Act, the Authority may, in determining whether the chief executive officer or a director of an operator of a designated payment system has failed to discharge the duties or functions of his office or employment, take into consideration whether that person has taken reasonable steps to discharge the following duties:
(a)
ensure the proper functioning of the designated payment system;
(b)
ensure the compliance of the operator of the designated payment system with the Act and these Regulations and any other relevant laws or regulations;
(c)
set out and ensure compliance with written policies on all operational areas of the operator of the designated payment system, including its financial policies, accounting and internal controls, internal auditing and compliance with all laws and rules governing the operations of the designated payment system;
(d)
identify, monitor and address the risks associated with the business activities of the operator of the designated payment system;
(e)
ensure that the business activities of the operator of the designated payment system are subject to adequate internal audit;
(f)
oversee the financial undertakings or exposure of the operator of the designated payment system to risks of any nature, by setting out proper delegation limits and risk management controls; and
(g)
ensure —
(i)
that the operator of the designated payment system maintains written records of the steps taken by it to monitor compliance with its policies, the limits on discretionary powers and its accounting and operating procedures; and
(ii)
that every report, return or statement submitted by the operator of the designated payment system to the Authority is complete and accurate.
10.
—(1) A person applying for approval under section 23(1) or (2) of the Act shall —
(a)
submit to the Authority a written application that sets out —
(i)
the name of the applicant;
(ii)
in the case where the applicant is a corporation —
(A)
its place of incorporation;
(B)
its substantial shareholders;
(C)
its directors and chief executive officer; and
(D)
its principal business;
(iii)
in the case where the applicant is a natural person —
(A)
his nationality;
(B)
his principal occupation; and
(C)
his directorships;
(iv)
all corporations in which the applicant has a substantial shareholding;
(v)
the percentage of shareholding and voting power that the applicant has in the operator of the designated payment system;
(vi)
the percentage of shareholding and voting power that the applicant is seeking to have in the operator of the designated payment system;
(vii)
the reasons for making the application;
(viii)
the mode and structure, as appropriate, under which the increase in shareholding would be carried out;
(ix)
whether the applicant will seek representation on the board of directors of the operator of the designated payment system; and
(x)
any other information that may facilitate the determination of the Authority as to whether the applicant is a fit and proper person for the purposes of paragraph (4)(a); and
(b)
pay to the Authority a fee of $500 for every application for approval.
(2) The Authority may require the applicant to furnish it with such information or documents as the Authority considers necessary in relation to the application referred to in paragraph (1) and the applicant shall furnish such information or documents as required by the Authority.
(3) Payment of the fee referred to in paragraph (1)(b) may be made through such electronic funds transfer system as the Authority may designate from time to time, whereby payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority.
(4) The Authority may approve an application made under section 23(1) or (2) of the Act if the Authority is satisfied that —
(a)
the applicant is a fit and proper person to be a substantial shareholder, or a 12% controller or 20% controller within the meaning of section 23(3) of the Act (as the case may be), of the operator of the designated payment system;
(b)
having regard to the applicant’s likely influence, the operator of the designated payment system will be or is conducting and will continue to conduct its business prudently and in compliance with the provisions of the Act; and
(c)
it would not be contrary to the interests of the public to do so.
11.
—(1) An operator of a designated payment system shall maintain at all times a plan of action (referred to in this regulation as a business continuity plan) setting out the procedures and establishing 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.
(2) An operator of a designated payment system shall review the procedures and systems referred to in paragraph (1) on such regular basis as may be specified in the business continuity plan.
(3) An operator of a designated payment system shall immediately notify the Authority of any activation of its business continuity plan and of any action taken or intended to be taken to restore safe and efficient operations of the designated payment system.
(4) An operator of a designated payment system shall, within 14 days or such longer period as may be permitted by the Authority, inform the Authority of any material change to the business continuity plan and shall submit, at the request of the Authority, a copy of the new plan to the Authority.