§ 79 — Emergency powers of Authority applicable to designated payment systems

79.—(1) Without affecting section 78, where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public to so act, the Authority may exercise one or more of the following powers:(a)

by written notice, direct an operator or a settlement institution of a designated payment system to take such action as the Authority considers necessary to maintain or restore the safe and efficient operation of the designated payment system;

(b)

apply to the General Division of the High Court for the winding up or bankruptcy (as the case may be) of an operator or a settlement institution of a designated payment system;

(c)

require an operator of a designated payment system to cease operation of the designated payment system.[40/2019]

(2) Without limiting subsection (1)(a), the actions that the Authority may direct an operator or a settlement institution of a designated payment system to take include modifying or suspending any of the rules of the designated payment system.

(3) The Authority may modify or cancel any action taken by it under subsection (1), and in so modifying or cancelling any such action, the Authority may impose such conditions as it thinks fit, subject to which the modification or cancellation has effect.

(4) An operator or a settlement institution of a designated payment system that fails to comply with any written notice issued under subsection (1)(a) 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) Without affecting section 78, where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public to so act, the Authority may exercise one or more of the following powers:(a)

by written notice, direct an operator or a settlement institution of a designated payment system to take such action as the Authority considers necessary to maintain or restore the safe and efficient operation of the designated payment system;

(b)

apply to the General Division of the High Court for the winding up or bankruptcy (as the case may be) of an operator or a settlement institution of a designated payment system;

(c)

require an operator of a designated payment system to cease operation of the designated payment system.[40/2019]

(2) Without limiting subsection (1)(a), the actions that the Authority may direct an operator or a settlement institution of a designated payment system to take include modifying or suspending any of the rules of the designated payment system.

(3) The Authority may modify or cancel any action taken by it under subsection (1), and in so modifying or cancelling any such action, the Authority may impose such conditions as it thinks fit, subject to which the modification or cancellation has effect.

(4) An operator or a settlement institution of a designated payment system that fails to comply with any written notice issued under subsection (1)(a) 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.