Section 43
Power to make modifications
of Payment and Settlement Systems (Oversight) Act
(1)
The Authority may, by notice in writing, require an issuer of a designated payment instrument to make modifications to —
(a)
the designated payment instrument including governance arrangements referred to in section 38;
(b)
operational arrangements referred to in section 39;
(c)
documents and information submitted under section 36(1);
and
(d)
any other documents relating to the designated payment instrument.
(2)
In exercising its powers under subsection (1), the Authority shall have regard to —
(a)
systemic risk;
(b)
the object of the Authority to promote monetary stability and a sound financial structure;
(c)
the interest of the public including market conditions and behaviour;
(d)
the safety, integrity, efficiency or reliability of the designated payment instrument including security and operating standards and infrastructure arrangements;
Payment and Settlement Systems
(Oversight)
(e)
the interests of the current users of the designated payment instrument; or
(f)
the interests of persons who, in the future, may want to use the designated payment instrument.
(3)
An issuer of a designated payment instrument shall make such modifications as may be required under subsection (1) within such time as the Authority may specify.
(4)
The Authority shall give the issuer of a designated payment instrument a reasonable opportunity to make representations before making a decision to impose the requirement under subsection (1).