On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 18/04/2013.
7.
—(1) The Authority may, by order published in the Gazette, designate a payment system as a designated payment system for the purposes of this Act, if the Authority is satisfied that —
(a)
a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Singapore;
(b)
a disruption in the operations of the payment system could affect public confidence in payment systems or the financial system of Singapore; or
(c)
it is otherwise in the interests of the public to do so.
(2) Any order made under subsection (1) shall identify the operator and the settlement institution of the designated payment system, and shall continue to have effect until it is withdrawn by the Authority.
(3) An operator or a settlement institution who is aggrieved by a decision of the Authority to designate the payment system as a designated payment system may, within 30 days after the order is published in the Gazette, appeal in writing to the Minister whose decision shall be final.
(4) Notwithstanding the lodging of an appeal under subsection (3), the designation by the Authority under this section shall continue to have effect pending the decision of the Minister.
(5) The Minister may, when deciding an appeal under subsection (3), direct that the Authority shall not designate the payment system as a designated payment system, and such direction shall have effect from the date of the decision of the Minister.
[Aust Payment Systems Act 1998, s. 8; SF Act, s. 55 (1); PSS (Finality & Netting) Act, s. 3]