Payment Systems (Oversight) Act
Payment Systems (Oversight) (Composition of Offences) Regulations
G.N. No. S 333/2006
REVISED EDITION 2007
(1st October 2007)
[23rd June 2006]
1. These Regulations may be cited as the Payment Systems (Oversight) (Composition of Offences) Regulations.
2. The following offences may be compounded by the Authority in accordance with section 50 of the Act:
any offence under the Act which is punishable with a fine only;
any offence under section 6(4), 8(2), 29(4) or 32(2) of the Act; or
—(1) The Authority may compound an offence under section 50 of the Act only if the person reasonably suspected of having committed the offence —
accepts the offer of composition made by the Authority in writing in the form set out in the Schedule; and
pays the composition sum to the Authority,
within 14 days after the offer of composition is made or such longer period as the Authority may specify.
(2) Where the person referred to in paragraph (1) is not an individual, the acceptance of composition shall be made —
in the case of a body corporate, by an officer of that body corporate;
in the case of a partnership, by a partner of that partnership; or
in the case of an unincorporated association (other than a partnership), by an officer of that association or a member of its governing body.
(3) In paragraph (2), “officer” —
in relation to a body corporate, means any director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body corporate; and
in relation to an unincorporated association (other than a partnership), means the president, the secretary, any member of the committee of the association or any person holding a position analogous to that of president, secretary or member of a committee.