52
Division 4 – Access Regime
Power of Authority to impose access regime
52.—(1) The Authority may, by order published in the Gazette, impose an access regime
in respect of a payment system on the person who determines access to the payment system,
regardless of whether he is a participant, an operator or a settlement institution of the payment
system, on such terms and conditions as the Authority may consider appropriate.
(2)
In considering whether to impose an access regime under subsection (1), the Authority
must have regard to —
(a)
whether the imposition of the access regime in respect of the payment system
would be in the interests of the public;
(b)
the interests of the current participants, operator and settlement institution of the
payment system;
(c)
the interests of persons who, in the future, may require or desire access to the
payment system; and
(d)
such other matters as the Authority may consider to be relevant.
(3)
The Authority, in imposing an access regime under subsection (1), must ensure that the
access regime is fair and not discriminatory.
Variation of access regime
53.—(1) The Authority may, by order published in the Gazette, vary an access regime
which has been imposed in respect of a payment system under section 52, on such terms and
conditions as the Authority may consider appropriate.
(2) In considering whether to vary an access regime under subsection (1), the Authority must
have regard to the following:
(a)
whether variation of the access regime in respect of the payment system would be
in the interests of the public;
(b)
the interests of the current participants, operator and settlement institution of the
payment system;
(c)
the interests of persons who, in the future, may require or desire access to the
payment system; and
(d)
such other matters as the Authority may consider to be relevant.
Cessation and revocation of access regime
54.—(1) An access regime in respect of a payment system must cease to be in force if —
(a)
the order imposing or varying the access regime under section 52(1) or 53(1), as
the case may be, provides for an expiry date and that date is reached;
(b)
the Authority revokes the access regime under subsection (2); or
(c)
the payment system concerned ceases to exist or operate.
53
(2)
The Authority may, by order published in the Gazette, revoke an access regime if the
Authority considers it appropriate to do so.
(3)
In considering whether to revoke an access regime under subsection (2), the Authority
must have regard to the following:
(a)
whether the revocation of the access regime would be in the interests of the
public;
(b)
the interests of the current participants, operator and settlement institution of the
payment system;
(c)
the interests of persons who, in the future, may require or desire access to the
payment system; and
(d)
such other matters as the Authority may consider to be relevant.
Right to apply to High Court in respect of access regime
55.—(1) If a person has been denied access to a payment system by the person who
determines access to the payment system, regardless of whether he is a participant, an operator
or a settlement institution of the payment system, in contravention of a term or condition of the
access regime that has been imposed under section 52(1) or 53(1), he may apply to the High
Court for an order under subsection (2).
(2)
An applicant for an order under subsection (1) must give to the Authority notice in
writing of the application together with a copy of the application, and the Authority may apply
to the High Court to be joined as a party to the proceedings.
(3)
If the High Court is satisfied that the person who determines access to a payment
system, regardless of whether he is a participant, an operator or a settlement institution of the
payment system, has contravened a term or condition of the access regime, the High Court may
make —
(a)
an order directing the participant, operator or settlement institution, as the case
may be, to comply with that term or condition of the access regime;
(b)
an order directing the participant, operator or settlement institution, as the case
may be, to compensate any person who has suffered loss or damage as a result of
the contravention; or
(c)
such other order as the High Court thinks fit.
(4)
The High Court may, upon an application by any person having a sufficient interest, or
on its own motion, discharge or vary any order made under this section but no discharge or
variation of any order must be made by the High Court unless a reasonable opportunity has
been given for the Authority to make representations to the High Court.
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Division 5 – Voluntary Transfer of Business
Interpretation of this Division
56. In this division, unless the context otherwise requires —
“business” includes affairs, property, right, obligation and liability;
“Court” means the High Court or a Judge thereof;
“debenture” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“property” includes property, right and power of every description;
“Registrar of Companies” means the Registrar of Companies appointed under the
Companies Act and includes any Deputy or Assistant Registrar of Companies
appointed under that Act;
“transferee” means a person who is carrying on, or who intends to carry on, in Singapore
the usual business of an operator or a settlement institution of a designated payment
system, to which the whole or any part of a transferor’s business is, is to be or is
proposed to be transferred under section 57(1);
“transferor” means an operator or a settlement institution of a designated payment system
the whole or any part of the business of which is, is to be, or is proposed to be
transferred under section 57(1).
Voluntary transfer of business
57.—(1) A transferor may transfer the whole or any part of its business (including any
business that is not the usual business of an operator or a settlement institution of a
designated payment system) to a transferee, if —
(a)
the Authority has consented to the transfer;
(b)
the transfer involves the whole or any part of the business of the transferor that is
the usual business of an operator or a settlement institution of a designated payment
system; and
(c)
the Court has approved the transfer.
(2)
Subsection (1) does not affect the right of an operator or a settlement institution of a
designated payment system to transfer the whole or any part of its business under any law and
subsection (1) does not apply to such transfer.
(3)
The Authority may consent to a transfer under subsection (1)(a) if the Authority is
satisfied that —
(a)
the transferee is a fit and proper person in accordance with the Guidelines on Fit
and Proper Criteria; and
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