Power to make modifications
(1) The Bank may, by written notice, require an operator of a designated payment system or issuer of a designated payment instrument to make modifications or alterations to—
(a) the designated payment system or designated payment instrument including governance arrangements reférred to in section 13 or 27;
(b) operational arrangements referred to in section 14 or 28;
(c) documents and information submitted under subsection 5(3) or 25(1); and
(d) any other documents relating to the designated payment system or designated payment instrument.
(2) In exercising its powers under subsection (1), the Bank shall have regard to-
(a) systemic risk;
(b) the object of the Bank to promote monetary stability and a sound financial structure;
(c) the interest of the public including market conditions and behaviour;
(d) the safety, integrity, efficiency or reliability of the designated payment system or designated payment instrument including security and operating standards and infrastructure arrangements;
(e) the interests of the current participants of the designated payment system or users of the designated payment instruments; or
(f) the interests of persons who, in the future, may want access to the designated payment system or may want to use the designated payment instrument.
(3) An operator of a designated payment system or an issuer of a designated payment instrument shall make such modifications or alterations as may be required under subsection (1) within such time as the Bank may specify.
(4) The Bank shall give the operator of a designated payment system or issuer of a designated payment instrument a reasonable opportunity to make representations before making a decision to impose the requirement under subsection (1). Power to issue directives
(1) Where the Bank is of the opinion that an operator or a participant of a designated payment system or issuer of a designated payment instrument-
(a) is engaging or is about to engage, in any act, or course of conduct or has omitted any act or is about to omit any act that results or is likely to result in systemic risk being inadequately controlled, or that is detrimental to the interests of its participants, users or creditors or the public generally;
(b) has contravened any provision of this Act, whether or not there has been no criminal prosecution in respect thereof, or any guideline issued under section 70; or
(c) has become or is likely to become unable to meet all or any of his obligations, the Bank may issue a directive in writing requiring the operator or participant of the designated payment system or issuer of the designated payment instrument to-
(aa) take any steps, take any action, do or not to do any act or thing, in relation to the designated payment system or the designated payment instrument which in the opinion of the Bank is necessary to remedy the situation;
(bb) cease to operate the designated payment system; or (cC) cease to issue the designated payment instrument.
(2) In giving any directive under subsection (1), the Bank may include requirements of a consequential, ancillary or incidental nature to be complied with by the operator or participant of a designated payment system or the issuer of a designated payment instrument and the Bank may impose such terms, conditions and requirements as it deems necessary or expedient.
(3) An operator or participant of a designated payment system or an issuer of a designated payment instrument shall comply with any directive issued under subsection (1) within such time as the Bank may specify.
(4) If the Bank exercises its power under paragraph (1)(bb), the operator is prohibited from operating the designated payment system and if the Bank exercises its power under paragraph (1)(cc) the approval to issue a designated payment instrument is deemed to have been revoked under section 26. . (5) The Bank shall give the operator, participant or issuer, as thé case may be, referred to in subsection (1) an opportunity to make representations before making a decision to issue a directive under that subsection.
