Payment Systems (Oversight) Act(CHAPTER 222A)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
3 Application of Act
Part II FUNCTIONS AND POWERS OF AUTHORITY
4 Authority to exercise oversight functions in respect of payment systems and stored value facilities
5 Authority to have regard to public interest
Part III INFORMATION GATHERING POWERS OVER PAYMENT SYSTEMS
6 Provision of information to Authority
Part IV DESIGNATION OF PAYMENT SYSTEMS
7 Power of Authority to designate payment systems
8 Prohibition on holding out as designated payment system
9 Annual fees payable by operator of designated payment system
10 Withdrawal of designation of payment system
Part V OBLIGATIONS OF OPERATORS AND SETTLEMENT INSTITUTIONS OF DESIGNATED PAYMENT SYSTEMS
11 Obligation of operator to notify Authority of businesses and acquisition of corporations
12 Obligation of operator and settlement institution to notify Authority of certain events
13 Obligation of operator to submit periodic reports
14 Obligation of operator and settlement institution to appoint auditor
Part VI OVERSIGHT POWERS OVER DESIGNATED PAYMENT SYSTEMS
15 Power of Authority to impose access regime
16 Variation of access regime
17 Cessation and revocation of access regime
18 Right to apply to High Court
19 Power of Authority to impose conditions or restrictions
20 Power of Authority to issue written directions
21 Power of Authority to approve chief executive officer and directors of operator
22 Removal of chief executive officer and directors
23 Control of substantial shareholding in operator
24 Approval of applications for substantial shareholding
25 Contravention of sections 23 and 24
26 Additional powers of Authority in respect of auditors
27 Inspection by Authority
28 Emergency powers of Authority
Part VII STORED VALUE FACILITIES
29 Provision of information to Authority
30 Labelling, etc., of stored value facility
31 Restriction on soliciting
32 Prohibition on holding out as approved holder
33 Holding of stored value exceeding prescribed limit
34 Application for approval
35 Power of Authority to approve holders and banks
36 Power of Authority to issue written directions
37 Cancellation of approval
38 Revocation of approval
39 Publication of list of widely accepted stored value facilities
40 Section 14 of Currency Act not to apply to stored value facilities
Part VIII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
41 Interpretation of this Part
42 Conditions for provision of assistance
43 Other factors to consider for provision of assistance
44 Assistance that may be rendered
45 Offences under this Part
46 Immunities
Part IX MISCELLANEOUS
47 Duty not to provide false or misleading information
48 Publication of certain information
49 Jurisdiction of District Court
50 Composition of offences
51 Offences by officers
52 General penalty
53 Exemption
54 Opportunity to be heard
55 Directions and notices not subsidiary legislation
56 Regulations
57 Codes, guidelines, etc., by Authority
58 Transitional and savings provisions
Legislative Source Key
Legislative History
Comparative Table