Section 35
Designation of payment instruments
of Payment and Settlement Systems (Oversight) Act
(1)
Where the Authority is of the opinion that —
(a)
a payment instrument may be of widespread use as a means of making payment and may affect the payment systems of Brunei
Darussalam; and
Payment and Settlement Systems
(Oversight)
(b)
it is necessary to protect the interest of the public or it is necessary to maintain the integrity, efficiency and reliability of a payment instrument, the Authority may prescribe such payment instrument as a designated payment instrument.
(2)
Where a payment instrument is prescribed as a designated payment instrument, the issuer of that designated payment instrument shall comply with the requirements of section 36(1) within such period as the
Authority may specify.