s 32 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