§ 103 — Power of Authority to make regulations

103.—(1) The Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.(2) Without limiting subsection (1), the Authority may make regulations for or with respect to —(a)

the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund or remission of the whole or any part of any such fees;

(b)

the granting, variation, change, lapsing, surrender, revocation or suspension of a licence, and all incidental matters;

(c)

the cessation of the provision of a payment service by a licensee, an exempt payment service provider or a person exempt under section 100, and all incidental matters;

(d)

the activities that may be carried out by an operator, a settlement institution or a participant of a designated payment system, in relation to its business;

(e)

the standards to be maintained by an operator, a settlement institution or a participant of a designated payment system in the conduct of its business;

(f)

any measures to be taken by an operator, a settlement institution, or a participant or class of participants, of a designated payment system in relation to its business;

(g)

the standards, framework, policies and procedures for business continuity management (including for ensuring the availability of a designated payment system by the maintenance of a backup system) by an operator or a settlement institution of a designated payment system;

(h)

the corporate governance of a licensee, an exempt payment service provider or a person exempt under section 100, or of an operator or a settlement institution of a designated payment system;

(i)

prescribing the offences that may be compounded;

(j)

prescribing the procedure —(i)

for the use of the electronic service mentioned in section 106; and

(ii)

in circumstances where there is a breakdown or an interruption of the electronic service;

(k)

the imposition, variation or revocation of an access regime;

(l)

the acquisition or holding of shares or any other interest in an operator of a designated payment system;

(m)

the acquisition or holding of shares or any other interest by an operator of a designated payment system in any other entity;

(n)

different requirements for the audit of accounts in relation to different designated payment systems;

(o)

the responsibilities of an operator or a settlement institution of a designated payment system in relation to the audit of its accounts;

(p)

the procedures applicable in the event of a default in any payment obligations facilitated by a designated payment system, including the suspension and re‑admission of any participants of the designated payment system; and

(q)

the determination, for the purposes of this Act, of the equivalent in foreign currency of a Singapore dollar amount, including the exchange rate and time at which the amount of foreign currency is to be translated to Singapore currency.

(3) Except as otherwise expressly provided in this Act, regulations made under this Act —(a)

may be of general or specific application;

(aa)

may relate to all, or any class, category or description of persons or payment services, and may make different provisions for different classes, categories or descriptions of persons or payment services or to a particular person or payment service;[Act 1 of 2021 wef 04/04/2024]

(b)

may contain such saving and transitional provisions as the Authority may consider necessary or expedient;

(c)

may provide that a contravention of any specified provision of the regulations shall be an offence; and

(d)

may provide —(i)

in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $5,000 for every day or part of a day during which the offence continues after conviction; and

(ii)

in any other case, for penalties not exceeding a fine of $100,000 and, in the case of a continuing offence, a further penalty not exceeding a fine of $10,000 for every day or part of a day during which the offence continues after conviction.

—(1) The Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.

(2) Without limiting subsection (1), the Authority may make regulations for or with respect to —(a)

the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund or remission of the whole or any part of any such fees;

(b)

the granting, variation, change, lapsing, surrender, revocation or suspension of a licence, and all incidental matters;

(c)

the cessation of the provision of a payment service by a licensee, an exempt payment service provider or a person exempt under section 100, and all incidental matters;

(d)

the activities that may be carried out by an operator, a settlement institution or a participant of a designated payment system, in relation to its business;

(e)

the standards to be maintained by an operator, a settlement institution or a participant of a designated payment system in the conduct of its business;

(f)

any measures to be taken by an operator, a settlement institution, or a participant or class of participants, of a designated payment system in relation to its business;

(g)

the standards, framework, policies and procedures for business continuity management (including for ensuring the availability of a designated payment system by the maintenance of a backup system) by an operator or a settlement institution of a designated payment system;

(h)

the corporate governance of a licensee, an exempt payment service provider or a person exempt under section 100, or of an operator or a settlement institution of a designated payment system;

(i)

prescribing the offences that may be compounded;

(j)

prescribing the procedure —(i)

for the use of the electronic service mentioned in section 106; and

(ii)

in circumstances where there is a breakdown or an interruption of the electronic service;

(k)

the imposition, variation or revocation of an access regime;

(l)

the acquisition or holding of shares or any other interest in an operator of a designated payment system;

(m)

the acquisition or holding of shares or any other interest by an operator of a designated payment system in any other entity;

(n)

different requirements for the audit of accounts in relation to different designated payment systems;

(o)

the responsibilities of an operator or a settlement institution of a designated payment system in relation to the audit of its accounts;

(p)

the procedures applicable in the event of a default in any payment obligations facilitated by a designated payment system, including the suspension and re‑admission of any participants of the designated payment system; and

(q)

the determination, for the purposes of this Act, of the equivalent in foreign currency of a Singapore dollar amount, including the exchange rate and time at which the amount of foreign currency is to be translated to Singapore currency.

(3) Except as otherwise expressly provided in this Act, regulations made under this Act —(a)

may be of general or specific application;

(aa)

may relate to all, or any class, category or description of persons or payment services, and may make different provisions for different classes, categories or descriptions of persons or payment services or to a particular person or payment service;[Act 1 of 2021 wef 04/04/2024]

(b)

may contain such saving and transitional provisions as the Authority may consider necessary or expedient;

(c)

may provide that a contravention of any specified provision of the regulations shall be an offence; and

(d)

may provide —(i)

in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $5,000 for every day or part of a day during which the offence continues after conviction; and

(ii)

in any other case, for penalties not exceeding a fine of $100,000 and, in the case of a continuing offence, a further penalty not exceeding a fine of $10,000 for every day or part of a day during which the offence continues after conviction.