4
Division 7 – Control of Officers of Operators and Settlement Institutions of Designated
Payment Systems
67.
Approval of chief executive officers and directors of operators
68.
Removal of executive officers or directors of operators and settlement institutions
69.
Appeals
Division 8 – Audit of Operators and Settlement Institutions of Designated Payment Systems
70.
Auditing
71.
Powers of auditor appointed by Authority
72.
Restriction on auditor’s and employee’s right to communicate certain matters
73.
Offence to destroy, conceal, alter, etc. records
PART 4
INSPECTION AND INVESTIGATIONS
74.
Inspection by Authority
75.
Investigation by Authority
76.
Confidentiality of inspection and investigation reports
77.
Self-incrimination
78.
Savings for advocates and solicitors
PART 5
EMERGENCY POWERS
79.
Interpretation of this Part
80.
Action by Authority if the payment entity is unable to meet obligations, etc
81.
Emergency powers of the Authority applicable to designated payment systems
82.
Assumption of control
83.
Other provisions concerning control
84.
Responsibilities of directors, officers, etc., of the payment entity
85.
Remuneration and expenses of Authority and others in certain cases
PART 6
ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
86.
Interpretation of this Part
87.
Conditions for provision of assistance
88.
Other factors to consider for provision of assistance
89.
Assistance that may be rendered
90.
Offences under this Part
91.
Immunities
PART 7
OFFENCES
92.
Offences by corporations
93.
Offences by unincorporated associations or partnerships
5
94.
Offences by officers
95.
Falsification of records by officers, etc.
96.
Duty to use reasonable care not to provide false information to Authority
97.
General penalty
98.
Composition of offences
PART 8
MISCELLANEOUS
99.
Jurisdiction of the District Court
100.
Opportunity to be heard
101.
Power of the court to make certain orders
102.
General exemption
103.
Codes, guidelines, etc. by Authority
104.
Power of Authority to issue notice in writing
105.
Power of Authority to prescribe regulations
106.
Publication of certain information
107.
Service of documents
108.
Electronic service
109.
Amendment of Schedules
First Schedule
- Regulated Activities
Second Schedule
- Excluded Services
Third Schedule
- Specified Provisions
6
A BILL
i n t i t u l e d
An Act to provide for the licensing and regulation of payment services, oversight of payment
systems, and for matters connected with any of these.
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as
follows:
7
PART 1
PRELIMINARY
Short title and commencement
1. This Act is the Payment Services Act 2018 and comes into operation on a date that the
Minister appoints by notification in the Gazette.
Interpretation
2.—(1) In this Act, unless the context otherwise requires—
“access”, in relation to a payment system, means the entitlement or eligibility of a person
to become a participant in the payment system, on a commercial basis on terms that
are fair and reasonable;
“access regime”, in relation to a payment system, means an access regime imposed by
the Authority under section 52 and that is in force;
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a
foreign lawyer as defined in section 2(1) of the Legal Profession Act (Cap. 161);
“Authority” means the Monetary Authority of Singapore established under the Monetary
Authority of Singapore Act (Cap. 186);
“bank” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);
“bank in Singapore” has the same meaning as in section 2(1) of the Banking Act (Cap.
19);
“banking business” has the same meaning as in section 2(1) of the Banking Act (Cap.
19);
“book” includes any record, register, document or other record of information and any
account or accounting record, however compiled, recorded or stored, whether in
written or printed form or on microfilm or by electronic process or otherwise;
“chief executive officer”, in relation to a corporation, means a person, by whatever name
described, who —
(a)
is in the direct employment of, or acting for or by arrangement with, the
corporation; and
(b)
is principally responsible for the management and conduct of the business of
the corporation;
“corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“currency” means currency notes and coins which are legal tender in Singapore or a
country or territory other than Singapore;
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