Payment Systems (Oversight) (Transitional and Savings Provisions) Regulations 2006

Status:

Published in Subsidiary Legislation Supplement
on 15 Jun 2006

No. S 336

Payment Systems (Oversight) Act 2006

(Act 1 of 2006)

Payment Systems (Oversight) (Transitional and Savings Provisions) Regulations 2006

In exercise of the powers conferred by section 61 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) (Transitional and Savings Provisions) Regulations 2006 and shall come into operation on 23rd June 2006.

Holding of stored value exceeding prescribed limit

2. From 23rd June 2006, section 33 of the Act shall not apply to any person who, immediately before that date, directly or indirectly, alone or together with any person over whom he has control or influence, holds stored value in stored value facilities in excess of $30 million until —

(a)	1st December 2006; or
(b)	such date as the Authority may specify by notice in writing,

whichever is the later.

Labelling, etc., of stored value facility

3. From 23rd June 2006, regulation 12 of the Payment Systems (Oversight) Regulations 2006 shall not apply to any holder who, immediately before that date, holds stored value in a stored value facility until —

(a)	1st December 2006; or
(b)	such date as the Authority may specify by notice in writing,

whichever is the later.

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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