Section 20
Power of Authority to issue written directions
of Payment and Settlement Systems (Oversight) Act
(1)
The Authority may, if it thinks that it is —
(a)
necessary or expedient for ensuring the integrity and proper management of a designated payment system;
(b)
necessary or expedient for the effective administration of the
Order; or
(c)
otherwise in the interests of the public or a section of the public, issue written directions, either of a general or specific nature, to any —
(i)
participant or class of participants;
(ii)
operator; or
(iii)
settlement institution, of a designated payment system.
(2)
Without prejudice to the generality of subsection (1), any written direction issued under that subsection may relate to —
(a)
the appropriate actions to be taken by the participant or class of participants, or the operator or the settlement institution, in relation to its business;
(b)
the appointment of a person approved by the Authority to advise the participant or class of participants, or the operator or the settlement institution, on the proper conduct of its business;
Payment and Settlement Systems
(Oversight)
B.L.R.O. 9/2022 21
(c)
the conditions that will apply if any function of the operator or the settlement institution is outsourced; and
(d)
such other matters as the Authority may consider necessary or expedient or in the interests of the public or a section of the public.
(3)
Any person who fails to comply with a written direction issued under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.