§ 47 — Obligation of operator or settlement institution to have place of business or registered office

47.—(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must, within such period, after the date on which the order under section 42(1) designating that payment system is published in the Gazette, as the Authority may specify by written notice, establish a permanent place of business or a registered office in Singapore.(2) The operator or settlement institution must appoint a person to be present, on such days and at such hours as the Authority may specify by written notice, at the permanent place of business or registered office of the operator or settlement institution, to address any queries or complaints from any customer of the operator or settlement institution.

(3) The operator or settlement institution must keep, or cause to be kept, at the permanent place of business or registered office of the operator or settlement institution, books of all the transactions of the operator or settlement institution in relation to the designated payment system.

(4) The operator or settlement institution must notify the Authority of any change in the address of any of the following places within such period, after the date of that change, as the Authority may specify by written notice:(a)

the permanent place of business or registered office in Singapore of the operator or settlement institution;

(b)

every other place of business of the operator or settlement institution.

(5) A person that contravenes subsection (1), (2) or (3) 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.

(6) A person that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.

—(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must, within such period, after the date on which the order under section 42(1) designating that payment system is published in the Gazette, as the Authority may specify by written notice, establish a permanent place of business or a registered office in Singapore.

(2) The operator or settlement institution must appoint a person to be present, on such days and at such hours as the Authority may specify by written notice, at the permanent place of business or registered office of the operator or settlement institution, to address any queries or complaints from any customer of the operator or settlement institution.

(3) The operator or settlement institution must keep, or cause to be kept, at the permanent place of business or registered office of the operator or settlement institution, books of all the transactions of the operator or settlement institution in relation to the designated payment system.

(4) The operator or settlement institution must notify the Authority of any change in the address of any of the following places within such period, after the date of that change, as the Authority may specify by written notice:(a)

the permanent place of business or registered office in Singapore of the operator or settlement institution;

(b)

every other place of business of the operator or settlement institution.

(5) A person that contravenes subsection (1), (2) or (3) 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.

(6) A person that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.