Section 60
Exemption
of Payment and Settlement Systems (Oversight) Act
(1)
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order, either permanently or for such period as he may think fit, exempt any person or class of persons, any payment system or class of payment systems, any payment instrument or class of payment instruments, from all or any of the provisions of this Act subject to such conditions as he may determine.
(2)
The Minister may, on the application of any person, by notice in writing exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Minister under this Act if he considers it appropriate to do so in the circumstances of the case.
(3)
An exemption granted under subsection (2) —
(a)
may be granted subject to such conditions as the Minister may specify by notice in writing;
Payment and Settlement Systems
(Oversight)
B.L.R.O. 9/2022 59
(b)
need not be published in the Gazette; and
(c)
may be withdrawn at any time by the Minister.
(4)
Any person who contravenes any condition imposed under subsection (1) or (3)(a) is guilty of an offence.