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statements, practice notes and no-action letters as it considers appropriate for providing
guidance —
(a)
in furtherance of its regulatory objectives;
(b)
in relation to any matter relating to any of its functions under this Act; or
(c)
in relation to the operation of any of the provisions of this Act.
(2)
The Authority may, at any time, amend or revoke the whole or any part of any code,
guideline, policy statement, practice note or no‑action letter issued under this section.
(3)
Where amendments are made under subsection (2) —
(a)
the other provisions of this section apply, with the necessary modifications, to such
amendments as they apply to the code, guideline, policy statement, practice note or
no‑action letter; and
(b)
any reference in this Act or any other written law to the code, guideline, policy
statement, practice note or no-action letter, however expressed, is (unless the
context otherwise requires) a reference to the code, guideline, policy statement,
practice note or no‑action letter as so amended.
(4)
Any failure by a person to comply with any provision of a code, guideline, policy
statement or practice note issued under this section to the person does not of itself render that
person liable to criminal proceedings, but any such failure may, in any proceedings, whether
civil or criminal, be relied upon by any party to the proceedings as tending to establish or negate
any liability that is in question in the proceedings.
(5)
The issue by the Authority of a no‑action letter does not of itself prevent the institution
of any proceedings against any person for the contravention of any provision of this Act.
(6)
Any code, guideline, policy statement or practice note issued under this section may be
of general or specific application, and may specify that different provisions of such code,
guideline, policy statement or practice note apply to different circumstances or provide for
different cases or classes of cases.
(7)
To avoid doubt, any code, guideline, policy statement, practice note or no‑action letter
issued under this section is not to be treated as subsidiary legislation.
(8)
In this section, “no‑action letter” means a letter written by the Authority to a person to
the effect that, if the facts are as represented by the person, the Authority will not institute
proceedings against the person in respect of a particular state of affairs or particular conduct.
Power of Authority to issue notice in writing
104.—(1) The Authority may, if it thinks it necessary or expedient for the effective
administration of the Act, for the protection of consumers or in the interest of the public or a
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section of the public, or for ensuring the integrity and proper management of a designated
payment system or ensuring the integrity of the e-money stored in a payment account, issue a
notice in writing, either of a general or a specific nature, to —
(a)
any licensee;
(b)
any class of licensee;
(c)
any operator of a designated payment system;
(d)
any class of operators of a designated payment system;
(e)
any settlement institution of a designated payment system;
(f)
any class of settlement institutions of a designated payment system;
(g)
any participant of a designated payment system;
(h)
any class of participants of a designated payment system;
(i)
any exempt person;
(j)
any class of exempt persons;
(k)
any person exempt under section 102; or
(l)
any class of persons exempt under section 102,
to comply with such requirements as the Authority may specify in the notice.
(2)
Without affecting the generality of subsection (1), a notice may be issued —
(a)
with respect to —
(i)
the activities that may be carried out by the licensee, the operator, settlement
institution or participant, as the case may be, in relation to its business;
(ii)
the standards, framework, policies and procedures for the prudent
management of risks (including information technology risks);
(iii)
the financial soundness, financial management and stability of the licensee,
operator, settlement institution or participant, as the case may be;
(iv)
the standards to be maintained by the licensee, operator, settlement institution
or participant, as the case may be, in the conduct of its business;
(v)
the arrangement and conditions that are to apply if the licensee, operator,
settlement institution or participant, as the case may be, appoints any person
as an independent contractor to carry out any of the functions and duties of
the licensee, operator, settlement institution or participant, as the case may
be;
(vi)
the type, form, manner and frequency of returns and other information to be
submitted to the Authority;
(vii)
the preparation and publication of reports on the performance of the licensee,
operator, settlement institution or participant;
(viii)
the remuneration of an auditor appointed under this Act and the costs of an
audit carried out under this Act;
(ix)
the appropriate action to be taken by a participant or class of participants, or
the operator or settlement institution in relation to its business;
(x)
the appointment of a person approved by the Authority to advise the
participant or class of participants, or the operator or the settlement
institution, on the proper conduct of its business;
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