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(xi)
the collection by or on behalf of the Authority of information from the
licensee, operator, settlement institution or participant of a payment system,
as the case may be, in relation to the conduct of its business at such intervals
or on such occasions as may be set out in the notice; and
(xii)
the manner in which licensees and operators, settlement institutions and
participants conduct their dealings with their customers, conflicts of interest
involving the licensees and operators, settlement institutions and participants
with their customers and the duties of the licensees to their customers in the
operation of payment accounts;
(xiii)
the requirement for a licensee carrying on business in providing money-
changing services or cross border money transfer services to display or
exhibit such cautionary statements as the Authority thinks fit in a
conspicuous place at every place where he or it carries on business in
providing money-changing services or cross border money transfer services,
as the case may be; and
(xiv)
the requirement for a licensee to provide cautionary statements in writing to
the licensee’s customers.
(b)
where any person is contravening, is likely to contravene or has contravened, any
provision of this Act, to require the person —
(i)
to comply with that provision or to cease contravening that provision;
(ii)
to take any action necessary to enable the person to conduct the person’s
business in accordance with sound principles; and
(iii)
where the person is a company, to remove any of its directors; and
(c)
for any other purpose specified in this Act.
(3)
It is not necessary to publish any notice in writing issued under subsection (1) in the
Gazette.
(4)
The Authority may at any time vary, rescind or revoke any notice issued under
subsection (1).
(5)
Any person that fails to comply with any requirement specified in a notice issued under
subsection (1) 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.
Power of Authority to prescribe regulations
105.—(1) The Authority may make regulations prescribing matters required or permitted by
this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving
effect to this Act.
101
(2)
Without affecting the generality of subsection (1), the Authority may make regulations
for or with respect to —
(a)
the fees to be paid in respect of any matter or thing required for the purposes of this
Act;
(b)
the corporate governance of a licensee, an operator or settlement institution of a
designated payment system;
(c)
prescribing the offences that may be compounded;
(d)
prescribing the procedure—
(i)
for the use of the electronic service mentioned in section 108; and
(ii)
in circumstances where there is a breakdown or interruption of the electronic
service;
(e)
the imposition, variation or revocation of an access regime, and such transitional
or savings provisions as the Authority may consider necessary or expedient;
(f)
the acquisition or holding of shares or any other interest in an operator of a
designated payment system;
(g)
the acquisition or holding of shares or any other interest by an operator of a
designated payment system in any other person;
(h)
different requirements for the audit of accounts in relation to different designated
payment systems;
(i)
the responsibilities of an operator or a settlement institution of a designated
payment system relating to the audit of its accounts; and
(j)
the procedures applicable in the event of a default in payment obligations, including
the suspension and re-admission of participants of a designated payment system.
(3)
Except as otherwise expressly provided in this Act, regulations made under this Act —
(a)
may be of general or specific application;
(b)
may contain provisions of a savings or transitional nature;
(c)
may provide that a contravention of any specified provision of the regulations shall
be an offence; and
(d)
may provide —
(i)
in the case of an individual, for penalties not exceeding a fine of $50,000 or
imprisonment for a term not exceeding 2 years or both for each offence and,
in the case of a continuing offence, a further penalty not exceeding a fine of
$5,000 for every day or part of a day during which the offence continues after
conviction; and
(ii)
in any other case, for penalties not exceeding a fine of $100,000 and, in the
case of a continuing offence, a further penalty not exceeding a fine of $10,000
for every day or part of a day during which the offence continues after
conviction.
Publication of certain information
106.—(1) The Authority may, from time to time, prepare and publish —
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