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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.
(4)
In this section —
“personal account” means a payment account which is used as a means of executing
payment transactions other than in the course of business;
“personal deposit account” means a deposit account held with a bank in Singapore which
is used as a means of executing payment transactions other than in the course of business,
and
(a)
is a deposit account in the name of the payment service user; or
(b)
is a deposit account designated by the payment service user of the payment account.
Powers of Authority to impose interoperability of payment accounts
25.—(1) The Authority may, by notice in writing, direct a major payment institution, an
exempt person or a person exempt under section 102 to —
(a)
be a participant of a payment system on such terms and conditions as the Authority
may consider appropriate; or
(b)
enter into an arrangement with the operator of the payment system to achieve
interoperability of the payment account with the payment system.
(2)
In considering whether to mandate interoperability of any payment account under
subsection (1), the Authority must have regard to the following:
(a)
whether the interoperability of the payment account with the payment system
would be in the interests of the public;
(b)
the interests of the current participants and operator of the payment system;
(c)
the interests of persons who, in the future, may be required to be a participant in
the payment system; and
(d)
such other matters as the Authority may consider to be relevant.
Powers of Authority to impose interoperability of payment systems
26.—(1) The Authority may, by notice in writing, impose common standards on a major
payment institution, an exempt person, or a person exempt under section 102 operating a
payment system on such terms and conditions as the Authority may consider appropriate.
(2)
In considering whether to mandate interoperability of any payment systems under
subsection (1), the Authority must have regard to the following:
(a)
whether the interoperability of the payment systems would be in the interests of the
public;
(b)
the interests of the major payment institution, the exempt person or person exempt
under section 102 on whom the common standards are imposed;
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(c)
the interests of persons who, in the future, may need to comply with the common
standard; and
(d)
such other matters as the Authority may consider to be relevant.
(3)
In this section, “common standard” means any technical standard or set of technical
standards with characteristics or specifications that the Authority may specify by notice in
writing in respect of which a payment order is accepted or a payment transaction is processed
on the payment system.
Division 3 – Control of Substantial Shareholders and Controllers of Licensees
Application and interpretation of this Division
27.—(1) This Division applies to —
(a)
all individuals whether resident in Singapore or not and whether citizens of
Singapore or not; and
(b)
all entities.
(2)
In this Division, unless the context otherwise requires —
“12% controller”, in relation to a licensee incorporated in Singapore, means a person, not
being a 20% controller, that alone or together with the person’s associates —
(a)
has an interest in 12% or more of the shares in the licensee incorporated in
Singapore; or
(b)
is in a position to control 12% or more of the votes in the licensee
incorporated in Singapore;
“20% controller”, in relation to a licensee incorporated in Singapore, means a person that,
alone or together with the person’s associates —
(a)
has an interest in 20% or more of the shares in the licensee incorporated in
Singapore; or
(b)
is in a position to control 20% or more of the votes in the licensee
incorporated in Singapore;
“arrangement” includes any formal or informal scheme, arrangement or understanding,
and any trust whether express or implied;
“indirect controller”, in relation to a licensee incorporated in Singapore, means any
person, whether acting alone or together with any other person, and whether with or
without holding shares or controlling voting power in a licensee incorporated in
Singapore —
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(a)
in accordance with whose directions, instructions or wishes the directors of
the licensee incorporated in Singapore are accustomed or under an obligation,
whether formal or informal, to act; or
(b)
that is in a position to determine the policy of the licensee incorporated in
Singapore,
but excludes any person —
(i)
who is a director or other officer of a licensee incorporated in Singapore
whose appointment has been approved by the Authority; or
(ii)
in accordance with whose directions, instructions or wishes the directors of
the licensee incorporated in Singapore are accustomed to act by reason only
that they act on advice given by the person in the person’s professional
capacity;
“substantial shareholder” has the same meaning as in section 81 of the Companies Act
(Cap. 50);
“voting share” has the same meaning as in section 4(1) of the Companies Act.
(3)
In this Division —
(a)
a person has an interest in a share if —
(i)
the person has or is treated to have an interest in that share under section
7(1A), (1B), (2), (6), (7) to (10) of the Companies Act; or
(ii)
the person otherwise has a legal or equitable interest in that share, except an
interest disregarded under section 7(9) of the Companies Act;
(b)
a reference to the control of a percentage of the votes in a licensee incorporated in
Singapore is a reference to the control, whether direct or indirect, of that percentage
of the total number of votes that might be cast in a general meeting of the licensee
incorporated in Singapore; and
(c)
a person (A) is an associate of another person (B) if —
(i)
A is the spouse, a parent, remoter lineal ancestor or step‑parent, a son,
daughter, remoter issue, stepson or stepdaughter or a brother or sister of B;
(ii)
A is a body corporate that is, or a majority of the directors of which are,
accustomed or under an obligation, whether formal or informal, to act in
accordance with the directions, instructions or wishes of B;
(iii)
A is a person that is accustomed or under an obligation, whether formal or
informal, to act in accordance with the directions, instructions or wishes of
B;
(iv)
A is a subsidiary of B;
(v)
A is a body corporate in which B, whether alone or together with other
associates of B as described in sub‑paragraphs (ii), (iii) and (iv), is in a
position to control 20% or more of the votes in A; or
(vi)
A is a person with whom B has an agreement or arrangement, whether oral
or in writing and whether express or implied, to act together with respect to
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