Section 30
Designation and revocation of designation of payment systems
of Financial Services Act 2013
(1)
Where the Bank is of the opinion that a disruption in the operations of the payment system could affect public confidence in the overall payment systems of Malaysia or impact the monetary
72 Laws of Malaysia or financial stability of Malaysia—
(a)
in the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, the Minister on the recommendation of the Bank and such supervisory authority; or
(b)
in any other case, the Bank with the concurrence of the
Minister, may, by an order published in the Gazette, designate such payment system as a designated payment system.
(2)
In the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, the Bank shall consult with such supervisory authority in forming an opinion under subsection (1).
(3)
If the circumstances in subsection (1) no longer apply, the designation of a payment system may be revoked—
(a)
in the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, by the Minister, on the joint recommendation of the Bank and such supervisory authority;
or
(b)
in any other case, by the Bank, by an order published in the Gazette.
(4)
The Bank and the supervisory authority shall regularly review the status of the payment system designated under paragraph (1)(a), to determine whether the circumstances under subsection (1), no longer applies for purposes of making the joint recommendation under paragraph (3)(a).
Financial Services 73