§ 50 — Obligation of operator to notify Authority of businesses and acquisition of corporations

50.—(1) An operator of a designated payment system must notify the Authority of the occurrence of any of the following events as soon as practicable after the occurrence of that event:(a)

the carrying on of any business by the operator other than —(i)

the business of operating a payment system;

(ii)

a business incidental to operating a payment system; or

(iii)

such business or class of businesses as the Authority may prescribe;

(b)

the acquisition by the operator of a substantial shareholding in a corporation that does not carry on —(i)

the business of operating a payment system;

(ii)

a business incidental to operating a payment system; or

(iii)

such business or class of businesses as the Authority may prescribe.

(2) An operator of a designated payment system must, within 2 months after the date of the designation of the payment system, notify the Authority of its substantial shareholding in a corporation that does not carry on —(a)

the business of operating a payment system;

(b)

a business incidental to operating a payment system; or

(c)

such business or class of businesses as the Authority may prescribe.

(3) The Authority may, at any time after receiving a notification mentioned in subsection (1) or (2), by written notice direct the operator of the designated payment system —(a)

where the notification relates to a matter mentioned in subsection (1)(a) —(i)

to cease carrying on the firstmentioned business in subsection (1)(a); or

(ii)

to carry on the firstmentioned business in subsection (1)(a) subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1); or

(b)

where the notification relates to a matter mentioned in subsection (1)(b) or (2) —(i)

to dispose of the shareholding mentioned in subsection (1)(b) or (2); or

(ii)

to exercise the operator’s rights relating to such shareholding subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1).

(4) An operator of a designated payment system, to whom the Authority has issued a written notice under subsection (3), must comply with the directions contained in the notice.

(5) A person that contravenes subsection (1), (2) or (4) 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.

—(1) An operator of a designated payment system must notify the Authority of the occurrence of any of the following events as soon as practicable after the occurrence of that event:(a)

the carrying on of any business by the operator other than —(i)

the business of operating a payment system;

(ii)

a business incidental to operating a payment system; or

(iii)

such business or class of businesses as the Authority may prescribe;

(b)

the acquisition by the operator of a substantial shareholding in a corporation that does not carry on —(i)

the business of operating a payment system;

(ii)

a business incidental to operating a payment system; or

(iii)

such business or class of businesses as the Authority may prescribe.

(2) An operator of a designated payment system must, within 2 months after the date of the designation of the payment system, notify the Authority of its substantial shareholding in a corporation that does not carry on —(a)

the business of operating a payment system;

(b)

a business incidental to operating a payment system; or

(c)

such business or class of businesses as the Authority may prescribe.

(3) The Authority may, at any time after receiving a notification mentioned in subsection (1) or (2), by written notice direct the operator of the designated payment system —(a)

where the notification relates to a matter mentioned in subsection (1)(a) —(i)

to cease carrying on the firstmentioned business in subsection (1)(a); or

(ii)

to carry on the firstmentioned business in subsection (1)(a) subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1); or

(b)

where the notification relates to a matter mentioned in subsection (1)(b) or (2) —(i)

to dispose of the shareholding mentioned in subsection (1)(b) or (2); or

(ii)

to exercise the operator’s rights relating to such shareholding subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any of the purposes mentioned in section 102(1).

(4) An operator of a designated payment system, to whom the Authority has issued a written notice under subsection (3), must comply with the directions contained in the notice.

(5) A person that contravenes subsection (1), (2) or (4) 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.