§ 44 — Power of Authority to impose conditions or restrictions

44.—(1) The Authority may, by written notice, impose on a participant, an operator or a settlement institution of a designated payment system such conditions or restrictions as the Authority thinks fit.(2) The Authority may, at any time, by written notice to a participant, an operator or a settlement institution of the designated payment system, vary any condition or restriction.

(3) Without limiting subsection (1) or (2), the conditions or restrictions that the Authority may impose include conditions or restrictions relating to any of the following matters:(a)

the activities that the operator or settlement institution of the designated payment system may undertake;

(b)

the standards to be maintained by the operator or settlement institution of the designated payment system;

(c)

the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.

(4) A participant, operator or settlement institution of a designated payment system that fails to comply with any condition or restriction imposed under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 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.

—(1) The Authority may, by written notice, impose on a participant, an operator or a settlement institution of a designated payment system such conditions or restrictions as the Authority thinks fit.

(2) The Authority may, at any time, by written notice to a participant, an operator or a settlement institution of the designated payment system, vary any condition or restriction.

(3) Without limiting subsection (1) or (2), the conditions or restrictions that the Authority may impose include conditions or restrictions relating to any of the following matters:(a)

the activities that the operator or settlement institution of the designated payment system may undertake;

(b)

the standards to be maintained by the operator or settlement institution of the designated payment system;

(c)

the requirement for the operator or settlement institution of the designated payment system to operate as a corporation.

(4) A participant, operator or settlement institution of a designated payment system that fails to comply with any condition or restriction imposed under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 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.