Section 2
Interpretation
of Payment and Settlement Systems (Oversight) Act
(1)
In this Act, unless the context otherwise requires —
“access”, in relation to a designated payment system, means the entitlement or eligibility of a person to become a participant in the payment system, on a commercial basis on terms that are fair and reasonable;
“access regime”, in relation to a designated payment system, means an access regime imposed by the Authority under section 15;
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order,
2010 (S 103/2010);
“bank” has the same meaning as in section 2(1) of the Banking
Order, 2006 (S 45/2006);
“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form, on microfilm, in any electronic form or otherwise;
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“chief executive officer”, in relation to the operator of a designated payment system, means any person by whatever name described, who is —
(a)
in the direct employment of, or acting for or by arrangement with, the operator of the designated payment system; and
(b)
principally responsible for the management and conduct of the business of the operator in Brunei Darussalam;
“corporation” has the same meaning as in section 2(1) of the
Companies Act (Chapter 39);
“designated payment system” means a payment system that is designated by the Authority under section 7 to be a designated payment system for the purposes of this Act;
“designated payment instrument” means a payment instrument prescribed as a designated instrument under section 35(1);
“director” has the same meaning as in section 2(1) of the
Companies Act (Chapter 39);
“executive officer”, in relation to an operator or a settlement institution of a payment system, means any person, by whatever name described, who is —
(a)
in the direct employment of, or acting for or by arrangement with, the operator or settlement institution, as the case may be; and
(b)
concerned with or takes part in the management of the operator or settlement institution, as the case may be, on a day-to-day basis;
“foreign country” means a country or territory other than Brunei
Darussalam;
“issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a payment instrument resulting from the user being issued with or using the payment instrument;
“Minister” means the Minister of Finance and Economy;
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“operator”, in relation to a payment system, means a person who operates the payment system;
“participant”, in relation to a payment system, means any person who is recognised in the rules of the payment system or otherwise recognised as being eligible to settle payments through the payment system with other participants;
“payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;
“payment instrument” means any instrument, whether tangible or intangible, that enables a person to obtain money, goods or services or to otherwise make payment;
“settlement institution” means a person who provides facilities for —
(a)
the participants of a payment system to hold funds; and
(b)
the settling of transactions between the participants;
“share” has the same meaning as in section 2(1) of the Companies
Act (Chapter 39);
“statutory corporation” means a body corporate established by or under written law to perform or discharge any public function;
“substantial shareholder” means a person who has a substantial shareholding in a company and —
(a)
a person has a substantial shareholding in a company if —
(i)
he has an interest or interests in one or more voting shares in the company; and
(ii)
the total votes attached to that share, or those shares, is not less than 5 per cent of the total votes attached to all the voting shares in the company;
(b)
a person has a substantial shareholding in a company, being a company the share capital of which is divided into two or more classes of shares, if —
(i)
he has an interest or interests in one or more voting shares included in one of those classes; and
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the total votes attached to that share, or those shares, is not less than 5 per cent of the total votes attached to all the voting shares included in that class.
(2)
In any case where the functions of the operator or settlement institution of a payment system are assumed by or shared among more than one operator or settlement institution, a reference in this Act to the operator or settlement institution shall be read as a reference to each of such operators or settlement institutions.