Section 61
Codes, guidelines etc.
of Payment and Settlement Systems (Oversight) Act
(1)
The Authority may issue, in such form and manner as it considers appropriate, codes, guidelines, policy statements and practice notes as it considers appropriate for providing guidance —
(a)
in furtherance of its regulatory objectives;
(b)
in relation to any matter relating to any of the functions of the
Authority under any of the provisions of this Act; or
(c)
in relation to the operation of any of the provisions of this
Act.
(2)
The Authority may publish any such code, guideline, policy statement or practice note in such form and manner as it thinks fit.
(3)
The Authority may amend the whole or any part of any code, guideline, policy statement or practice note issued under this section in such form and manner as it thinks fit.
(4)
Where amendments are made under subsection (3) —
(a)
the other provisions of this section apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement and practice note; and
(b)
any reference in this Act or any other written law to the code, guideline, policy statement or practice note however expressed is, unless the context otherwise requires, a reference to the code, guideline, policy statement or practice note as so amended.
Payment and Settlement Systems
(Oversight)
(5)
Any person who fails to comply with any of the provisions of a code, guideline, policy statement or practice note issued under this section that applies to him shall not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.
(6)
Any code, guideline, policy statement or practice note issued under this section —
(a)
may be of general or specific application; and
(b)
may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.