On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 18/04/2013.
PART V
OBLIGATIONS OF OPERATORS AND SETTLEMENT INSTITUTIONS OF DESIGNATED PAYMENT SYSTEMS
11.
—(1) An operator of a designated payment system shall notify the Authority as soon as practicable after the occurrence of any of the following events:
(a)
the carrying on of any business by the operator of the designated payment system other than —
(i)
the business of operating a payment system;
(ii)
a business incidental to operating a payment system; or
(iii)
such business or class of businesses as the Authority may prescribe;
(b)
the acquisition by the operator of the designated payment system of a substantial shareholding in a corporation which does not carry on —
(i)
the business of operating a payment system;
(ii)
a business incidental to operating a payment system; or
(iii)
such business or class of businesses as the Authority may prescribe.
(2) An operator of a designated payment system shall, within 2 months after the designation of the payment system, notify the Authority of its substantial shareholding in a corporation which does not carry on —
(a)
the business of operating a payment system;
(b)
a business incidental to operating a payment system; or
(c)
such business or class of businesses as the Authority may prescribe.
(3) Without prejudice to the generality of section 20(1), the Authority may, at any time after receiving the notification referred to in subsection (1) or (2), issue directions to the operator of the designated payment system —
(a)
where the notification relates to a matter referred to in subsection (1)(a) —
(i)
to cease carrying on the first-mentioned business referred to in subsection (1)(a); or
(ii)
to carry on the first-mentioned business referred to in subsection (1)(a) on such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes referred to in section 20(1); or
(b)
where the notification relates to a matter referred to in subsection (1)(b) or (2) —
(i)
to dispose of the shareholding referred to in subsection (1)(b) or (2); or
(ii)
to exercise its rights relating to such shareholding on such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes referred to in section 20(1),
and the operator of the designated payment system shall comply with such directions.
(4) Any person who contravenes subsection (1) or (2) or any direction issued by the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.
[SF Act, s. 60]
12.
—(1) 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)
an intention to make a material change to the nature of the operating rules, settlement procedures or activities of the designated payment system;
(b)
an event or irregularity that impedes or prevents access to, or impairs the usual operations of the designated payment system or its settlement operations, as the case may be;
(c)
the operator or settlement institution, as the case may be, becoming, or likely to become, insolvent or unable to meet its financial, statutory, contractual or other obligations;
(d)
any other event that the Authority may prescribe by regulations or specify by notice in writing.
(2) Any operator or settlement institution of a designated payment system who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000.
13.
—(1) An operator of a designated payment system shall submit to the Authority such reports in such form, manner and frequency as the Authority may prescribe.
(2) Any operator of a designated payment system who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.
[SF Act, s. 66]
14.
—(1) An operator and a settlement institution of a designated payment system shall appoint an auditor to audit the accounts of the operator or the settlement institution, as the case may be, and where, for any reason, that auditor ceases to act for such operator or settlement institution, the operator or settlement institution shall, as soon as practicable thereafter, appoint another auditor.
(2) A person shall not be qualified for appointment as an auditor under subsection (1) unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
[SF Act, s. 106]