Payment Systems (Oversight) (Exemption) Regulations 2006

Status:

Published in Subsidiary Legislation Supplement
on 15 Jun 2006

No. S 334

Payment Systems (Oversight) Act 2006

(Act 1 of 2006)

Payment Systems (Oversight) (Exemption) Regulations 2006

In exercise of the powers conferred by section 53(1) of the Payment Systems (Oversight) Act 2006, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Payment Systems (Oversight) (Exemption) Regulations 2006 and shall come into operation on 23rd June 2006.

Definition

2. In these Regulations, unless the context otherwise requires, “single purpose stored value facility” means a stored value facility that is, or is intended to be, used for payment only of goods or services, or of both goods and services, provided by the holder of that stored value facility.

Exemption

3. The Authority hereby exempts —

(a)	a holder of any single purpose stored value facility from sections 30 and 31 of the Act; and
(b)	any person in Singapore who acts on behalf of a holder of any single purpose stored value facility to offer or invite, or issue any advertisement containing any offer or invitation to, the public or any section of the public in Singapore to purchase or otherwise acquire a stored value facility or the value stored in the facility, whether in Singapore or elsewhere, from section 31(4) of the Act.

Made this 15th day of June 2006.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[SRD/0/185/2003; AG/LRRD/3/2003/6]

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