s 48 Obligation of operator or settlement institution to notify Authority of certain events
48.—(1) An operator of a designated payment system, and a settlement institution of a designated payment system, must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a) an intention to make a material change to the nature of the operating rules, settlement procedures or activities of the designated payment system; (b) an event or irregularity that impedes or prevents access to, or impairs the usual operations of, the designated payment system or its settlement operations; (c) any material function of the operator or settlement institution that is outsourced; (d) any civil or criminal proceeding instituted against the operator or settlement institution, whether in Singapore or elsewhere; (e) the operator or settlement institution being or becoming, or being likely to become, insolvent or unable to meet any of the financial, statutory, contractual or other obligations of the operator or settlement institution; (f) any disciplinary action taken against the operator or settlement institution by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; (g) any significant change to the regulatory requirements imposed on the operator or settlement institution by any regulatory authority (other than the Authority), whether in Singapore or elsewhere; (h) any other event that the Authority may prescribe or specify by written notice. (2) An operator of a designated payment system, and a settlement institution of a designated payment system, must notify the Authority of the occurrence of any of the following events within 14 days after the date of that occurrence:(a) any change of a director or the chief executive officer of the operator or settlement institution, except where the operator is required under section 65 to obtain the Authority’s approval to appoint the director or chief executive officer; (b) any other event that the Authority may prescribe or specify by written notice. (3) A person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.