Payment Systems (Oversight) (Exclusion of Single Purpose Stored Value Facilities) (Amendment) Order 2009

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Published in Subsidiary Legislation Supplement
on 22 Jan 2009

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No. S 20

Payment Systems (Oversight) Act

(Chapter 222A)

Payment Systems (Oversight) (Exclusion of Single Purpose Stored Value Facilities) (Amendment) Order 2009

In exercise of the powers conferred by section 33(2)(b) of the Payment Systems (Oversight) Act, the Monetary Authority of Singapore hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Payment Systems (Oversight) (Exclusion of Single Purpose Stored Value Facilities) (Amendment) Order 2009 and shall come into operation on 1st February 2009.

Amendment of paragraph 3

2. The Payment Systems (Oversight) (Exclusion of Single Purpose Stored Value Facilities) Order (O 2) is amended by renumbering paragraph 3 as sub-paragraph (1) of that paragraph, and by inserting immediately thereafter the following sub-paragraph:

“(2) The exclusion in sub-paragraph (1) shall not apply to any single purpose stored value facility, of which the stored value available for use may be transferred to or from another stored value facility (which is not a single purpose stored value facility) held by the same holder.”.

Made this 20th day of January 2009.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[SRD/0/185/2003; AG/LEG/SL/222A/2007/1 Vol. 1]