Section 39
Operational arrangements
of Payment and Settlement Systems (Oversight) Act
ActIn forceProvision 38 of 61
Section 39
An issuer of a designated payment instrument shall establish the following operational arrangements —
(a)
rules and procedures setting out the rights and liabilities of the issuer and the user of the designated payment instrument and the risks the user may incur;
(b)
measures to ensure prudent management of funds collected from a user of the designated payment instrument, including measures to ensure that such funds are available for repayment to a user; and
(c)
measures to ensure safety, security and operational reliability of the designated payment instrument including contingency arrangements.
Payment and Settlement Systems
(Oversight)