Section 6
Designation of payment systems
of Act 627
ActRepealedProvision 6 of 73
Section 6
(1)
The Bank may, by order published in the Gazette, designate a payment system as a designated payment system if the Bank is of the opinion that—
(a)
the payment system poses systemic risk; or
(b)
the designation is necessary to protect the interest of the public.
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Payments Systems 15
(2)
The Bank may, in considering whether to designate a payment system as a designated payment system under subsection (1), inspect the premises, equipment, machinery, apparatus, books or other documents, or accounts and transactions relating to the payment system, upon giving written notice to the operator.