Section 33

is engaging or is about to engage, in any act, or course of conduct or has omitted any act or is about to omit any act that results or is likely to result in systemic risk being inadequately controlled, or that is detrimental to the interests of its participants, users or creditors or the public generally;

has contravened any provision of this Act, whether or not there has been no criminal prosecution in respect thereof, or any guideline issued under section 70; or

has become or is likely to become unable to meet all or any of his obligations,

(aa) take any steps, take any action, do or not to do any act or thing, in relation to the designated payment system or the designated payment instrument which in the opinion of the Bank is necessary to remedy the situation;

(bb) cease to operate the designated payment system; or the Bank may issue a directive in writing requiring the operator or participant of the designated payment system or issuer of the designated payment instrument to—

In giving any directive under subsection (1), the Bank may include requirements of a consequential, ancillary or incidental nature to be complied with by the operator or participant of a designated payment system or the issuer of a designated payment instrument and the Bank may impose such terms, conditions and requirements as it deems necessary or expedient.

An operator or participant of a designated payment system or an issuer of a designated payment instrument shall comply with any directive issued under subsection (1) within such time as the Bank may specify.

If the Bank exercises its power under paragraph (1)(bb), the operator is prohibited from operating the designated payment system and if the Bank exercises its power under paragraph (1)(cc) the approval to issue a designated payment instrument is deemed to have been revoked under section 26.

The Bank shall give the operator, participant or issuer, as the case may be, referred to in subsection (1) an opportunity to make representations before making a decision to issue a directive under that subsection.