1
Payment Services Bill
Bill No.
/2018.
Read the first time on .
THIS VERSION OF THE BILL IS IN DRAFT FORM AND IS
SUBJECT TO CLEARANCE BY THE ATTORNEY GENERAL’S CHAMBERS
PAYMENT SERVICES ACT
(No. X of 2018)
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
Section
1.
Short title and commencement
2.
Interpretation
3.
Purpose of Act
4.
Application of Act
5.
Appointment of Assistants
PART 2
LICENSING OF PAYMENT SERVICE PROVIDERS
Division 1 – Licensing of payment service providers
6.
Licensing of payment service providers
7.
Application for licence
8.
Variation of licence
9.
Holding out as licensee, etc.
10.
Prohibition against solicitation
11.
Annual fees of licensees
12.
Lapsing, surrender, revocation and suspension of licence
13.
Right of appeal
14.
Exempt persons
2
Division 2 – Conduct of business
Subdivision (1) - General
15.
Place of business or registered office of licensee
16.
Obligation of licensee to notify Authority of certain events
17.
Obligation of licensee to provide information to Authority
18.
Obligation of licensee to submit periodic reports
19.
Prohibition against use of unregulated agents
20.
Prohibition against withdrawals of currency from payment accounts which store e-
money
21.
Disapplication of section 14 of the Currency Act
Subdivision (2) – Major payment institutions
22.
Security
23.
Safeguarding of moneys received from customers
24.
Restrictions on personal accounts which store e-money
25.
Powers of Authority to impose interoperability of payment accounts
26.
Powers of Authority to impose interoperability of payment systems
Division 3 – Control of Substantial Shareholders and Controllers of Licensees
27.
Application and interpretation of this Division
28.
Control of shareholding in licensees
29.
Objection to existing control of licensee
30.
Power to make directions in this Division
31.
Power of Authority to obtain information relating to this Division
32.
Power to exempt
33.
Offences, penalties and defences
34.
Appeals
Division 4 – Control of Officers of Licensees
35.
Approval of chief executive officers, partners and directors of licensees
36.
Removal of chief executive officers, partners or directors of licensees
37.
Appeals
Division 5 – Audit of Licensees
38.
Auditing
39.
Powers of auditor appointed by Authority
40.
Restriction on auditor’s and employee’s right to communicate certain matters
41.
Offence to destroy, conceal, alter, etc. records
3
PART 3
PAYMENT SYSTEMS
Division 1 – Information gathering powers over Payment Systems
42.
Provision of information to the Authority
Division 2 – Designation of Payment Systems
43.
Power of Authority to designate payment systems
44.
Prohibition on holding out as designated payment system
45.
Power of Authority to impose conditions or restrictions
46.
Withdrawal of designation of payment system
47.
Exemptions applicable to an operator, participant and settlement institution of a
payment system designated to ensure efficiency or competitiveness
Division 3 – Obligations of Operators and Settlement Institutions of Designated Payment
Systems
48.
Obligation of operator and settlement institution to have a place of business or
registered office
49.
Obligation of operator and settlement institution to notify Authority of certain events
50.
Obligation of operator to submit periodic reports
51.
Obligation of operator to notify Authority of businesses and acquisition of
corporations
Division 4 – Access Regime
52.
Power of Authority to impose access regime
53.
Variation of access regime
54.
Cessation and revocation of access regime
55.
Right to apply to High Court in respect of access regime
Division 5 – Voluntary Transfer of Business
56.
Interpretation of this Division
57.
Voluntary transfer of business
58.
Approval of transfer
Division 6 – Control of Substantial Shareholders and Controllers of Operators of Designated
Payment Systems
59.
Application and interpretation of this Division
60.
Control of shareholding in operator
61.
Objection to existing control of operator
62.
Power to make directions in this Division
63.
Power of Authority to obtain information relating to this Division
64.
Power to exempt
65.
Offences, penalties and defences
66.
Appeals
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