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 31/07/2007.
PART IX
MISCELLANEOUS
47.
—(1) Any person who provides the Authority with any information under this Act which is false or misleading in any material particular shall be guilty of an offence unless he has exercised due care to ensure that the information is not false or misleading in any material particular.
(2) Subsection (1) shall apply only to a requirement in relation to which no other provision of this Act creates an offence in connection with the provision of information.
(3) Any person who signs any document provided to the Authority which is false or misleading in any material particular shall be guilty of an offence unless he has exercised due care to ensure that the document is not false or misleading in any material particular.
(4) Any person who is guilty of an offence under subsection (1) or (3) shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
[SF Act, s. 329; BT Act, s. 107]
48. The Authority may, from time to time, prepare and publish —
(a)
consolidated statements aggregating any information provided under this Act; or
(b)
for statistical purposes, statements that relate to or are derived from any information provided under this Act in respect of a payment system or a stored value facility, being the only payment system or stored value facility in its class.
49. Notwithstanding any provision to the contrary in the Criminal Procedure Code (Cap. 68), a District Court shall have jurisdiction to try any offence under this Act and shall have power to impose the full penalty or punishment in respect of the offence.
50.
—(1) The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the maximum fine prescribed for that offence.
(2) On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.
(3) The Authority may make regulations to prescribe the offences which may be compounded.
(4) All sums collected under this section shall be paid to the Authority.
[SF Act, s. 336 (2)]
51.
—(1) Any person, being an officer of —
(a)
a participant, an operator or a settlement institution of a payment system;
(b)
a holder of a stored value facility; or
(c)
an approved bank in respect of a widely accepted stored value facility,
who fails to take all reasonable steps to secure —
(i)
compliance by the participant, operator, settlement institution, holder or approved bank, as the case may be, with any provision of this Act; or
(ii)
the accuracy and correctness of any information provided by the participant, operator, settlement institution, holder or approved bank, as the case may be, to the Authority under this Act,
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.
(2) In any proceedings against an officer under subsection (1), it shall be a defence for the defendant to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that the information was accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.
(3) An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court trying the offence, he committed the offence wilfully.
[SF Act, s. 332]
52. Any person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $50,000.
[SF Act, s. 335]
53.
—(1) The Authority may by regulations, either permanently or for such period as the Authority may think fit, exempt any person or class of persons, any payment system or class of payment systems, any stored value facility or class of stored value facilities, from all or any of the provisions of this Act subject to such conditions or restrictions as may be prescribed.
(2) The Authority may, on the application of any person, by notice in writing exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.
(3) An exemption granted under subsection (2) —
(a)
may be granted subject to such conditions or restrictions as the Authority may specify by notice in writing;
(b)
need not be published in the Gazette; and
(c)
may be withdrawn at any time by the Authority.
(4) Any person who contravenes any condition or restriction imposed under subsection (1) or (3)(a) shall be guilty of an offence.
54. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person shall be given an opportunity to be heard.
[BT Act, s. 96]
55. Any written direction or notice in writing given by the Authority under this Act shall be deemed not to be subsidiary legislation.
56.
—(1) The Authority may make regulations for carrying out the purposes and provisions of this Act.
(2) Without prejudice to the generality of subsection (1), the Authority may make regulations for or with respect to designated payment systems, including but not limited to the following matters:
(a)
the imposition, variation or revocation of an access regime, and such transitional or savings provisions as the Authority may consider necessary or expedient;
(b)
the standards to be maintained by a participant, an operator or a settlement institution;
(c)
the responsibilities and duties of the chief executive officer and directors of an operator;
(d)
the preparation and publication of reports on the performance of a designated payment system;
(e)
the acquisition or holding of shares or any other interest in an operator;
(f)
the acquisition or holding of shares or any other interest by an operator in any other person;
(g)
different requirements for the audit of accounts in relation to different designated payment systems;
(h)
the responsibilities of an operator or a settlement institution relating to the audit of its accounts;
(i)
the responsibilities of the auditor for the accounts of an operator or a settlement institution;
(j)
the procedures applicable in the event of a default in payment obligations, including the suspension and re-admission of participants;
(k)
the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the refund and remission whether in whole or in part of such fees; and
(l)
all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.
(3) Without prejudice to the generality of subsection (1), the Authority may make regulations for or with respect to stored value facilities, including but not limited to the following matters:
(a)
all matters necessary and expedient to ensure that an approved bank is fully liable to the users of a widely accepted stored value facility;
(b)
the standards to be maintained by a holder in respect of a stored value facility; and
(c)
all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.
(4) Except as otherwise expressly provided in this Act, the regulations —
(a)
may be of general or specific application;
(b)
may provide that any contravention of any specified provision thereof shall be an offence; and
(c)
may provide for penalties not exceeding a fine of $150,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.
57.
—(1) The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements and practice notes as it considers appropriate for providing guidance —
(a)
in furtherance of its regulatory objectives;
(b)
in relation to any matter relating to any of the functions of the Authority under any of the provisions of this Act; or
(c)
in relation to the operation of any of the provisions of this Act.
(2) The Authority may publish any such code, guideline, policy statement or practice note, and in such manner as it thinks fit.
(3) The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement or practice note issued under this section in such manner as it thinks fit.
(4) Where amendments are made under subsection (3) —
(a)
the other provisions of this section shall apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement and practice note; and
(b)
any reference in this Act or any other written law to the code, guideline, policy statement or practice note however expressed shall, unless the context otherwise requires, be a reference to the code, guideline, policy statement or practice note as so amended.
(5) Any person who fails to comply with any of the provisions of a code, guideline, policy statement or practice note issued under this section that applies to him shall not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.
(6) Any code, guideline, policy statement or practice note issued under this section —
(a)
may be of general or specific application; and
(b)
may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.
(7) For the avoidance of doubt, any code, guideline, policy statement or practice note issued under this section shall be deemed not to be subsidiary legislation.
[SF Act, s. 321]