Section 37
Revocation of approval
of Payment and Settlement Systems (Oversight) Act
(1)
The Authority may revoke an approval granted under section 36(1)(c) if it appears to the Authority that —
(a)
the issuer has contravened or is contravening any of the provisions of this Act;
(b)
the issuer has contravened any conditions of the approval;
Payment and Settlement Systems
(Oversight)
B.L.R.O. 9/2022 45
(c)
the issuer has failed to comply with any code, guideline, policy statement or practice note issued by the Authority under section 61;
(d)
the issuer has made a false or an incorrect statement in the documents or information submitted under section 36(1)(a) or particulars of any change to the documents and information submitted under section 40(1);
(e)
the issuer has ceased issuing the designated payment instruments for any continuous period of 6 months; or
(f)
the issuer goes into liquidation or is wound up or is otherwise dissolved.
(2)
The Authority shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.