§ 41 — Provision of information to Authority

41.—(1) The Authority may, by notice in the form and manner prescribed, require any of the following persons to provide to the Authority, within a reasonable period specified in the notice, such information relating to a payment system as the Authority may require:(a)

any participant of the payment system;

(b)

any operator of the payment system, or any person acting on behalf of the operator;

(c)

any settlement institution of the payment system.

(2) Without limiting subsection (1), the Authority may in a notice issued under that subsection require any person mentioned in paragraph (a), (b) or (c) of that subsection to provide, whether in the form of a return to be provided on a periodic basis or otherwise —(a)

information relating to —(i)

the operation of the payment system; and

(ii)

the pricing of, or other form of consideration for, the services offered by the payment system;

(b)

information relating to the participation or other involvement of that person in the payment system; and

(c)

such other information as the Authority may require for the purposes of this Act.

(3) Subject to subsection (5), any person to whom a notice is issued under subsection (1) must comply with the notice.

(4) A person that contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

(5) A person to whom a notice is issued under subsection (1) is not obliged to disclose any information that the person is prohibited by any written law from disclosing.

—(1) The Authority may, by notice in the form and manner prescribed, require any of the following persons to provide to the Authority, within a reasonable period specified in the notice, such information relating to a payment system as the Authority may require:(a)

any participant of the payment system;

(b)

any operator of the payment system, or any person acting on behalf of the operator;

(c)

any settlement institution of the payment system.

(2) Without limiting subsection (1), the Authority may in a notice issued under that subsection require any person mentioned in paragraph (a), (b) or (c) of that subsection to provide, whether in the form of a return to be provided on a periodic basis or otherwise —(a)

information relating to —(i)

the operation of the payment system; and

(ii)

the pricing of, or other form of consideration for, the services offered by the payment system;

(b)

information relating to the participation or other involvement of that person in the payment system; and

(c)

such other information as the Authority may require for the purposes of this Act.

(3) Subject to subsection (5), any person to whom a notice is issued under subsection (1) must comply with the notice.

(4) A person that contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

(5) A person to whom a notice is issued under subsection (1) is not obliged to disclose any information that the person is prohibited by any written law from disclosing.