Section 49 — Obligation of operator to submit periodic reports

(1)An operator of a designated payment system must submit to the Authority such reports or returns in the form, manner and frequency prescribed.

(2)A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.