On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 18/04/2013.
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.