Islamic Financial Services Act 2013 · s 40

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40.
Operator of designated payment system
(1) An operator of a designated payment system under the
Financial Services Act 2013 which has obtained the approval of the
Bank under subsection 15(1) of that Act may facilitate participants engaged in Islamic financial business to transfer, clear or settle funds or securities.
(2) An operator of a designated payment system referred to in subsection (1) shall be subject to and comply with—
(a) the provisions of this Act, in particular the provisions of
Parts IV, VI, IX, X and XIII , in so far as those provisions relate to the business such operator is approved to carry on under subsection 15(1) of the Financial Services
Act 2013, as if a reference in this Act to an “operator of a designated payment system” is a reference to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013; and
(b) any standards, notices, directions, conditions, specifications or requirements specified or made under this Act relating to the business such person is approved to carry on under subsection 15(1) of the Financial
Services Act 2013.
(3) The Minister may, on the recommendation of the Bank, by an order published in the Gazette, provide that all or any provision of this Act—

Islamic Financial Services                              77
(a) shall not apply to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013; or
(b) shall apply to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013, with such modifications consistent with the regulatory objectives of this Act, as may be set out in the order.
(4) Any person who contravenes any provision of this Act or of any standards, notices, directions, conditions, specifications or requirements specified or made by the Bank under this Act and applied to it under subsection (2) commits an offence and shall be liable to the same penalty applicable to a person convicted of an offence under such provisions and if no offence is provided for such contravention, the person commits a breach and the Bank may take an action under paragraph 245(3)(b) in addition to other enforcement actions that the Bank is empowered to take under this Act.

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s 40Operator of designated payment system

(1)

An operator of a designated payment system under the

Financial Services Act 2013 which has obtained the approval of the

Bank under subsection 15(1) of that Act may facilitate participants engaged in Islamic financial business to transfer, clear or settle funds or securities.

(2)

An operator of a designated payment system referred to in subsection (1) shall be subject to and comply with—

(a)

the provisions of this Act, in particular the provisions of

Parts IV, VI, IX, X and XIII , in so far as those provisions relate to the business such operator is approved to carry on under subsection 15(1) of the Financial Services

Act 2013, as if a reference in this Act to an “operator of a designated payment system” is a reference to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013; and

(b)

any standards, notices, directions, conditions, specifications or requirements specified or made under this Act relating to the business such person is approved to carry on under subsection 15(1) of the Financial

Services Act 2013.

(3)

The Minister may, on the recommendation of the Bank, by an order published in the Gazette, provide that all or any provision of this Act—

Islamic Financial Services 77

(a)

shall not apply to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013; or

(b)

shall apply to an operator of a designated payment system which has obtained the approval of the Bank under subsection 15(1) of the Financial Services Act 2013, with such modifications consistent with the regulatory objectives of this Act, as may be set out in the order.

(4)

Any person who contravenes any provision of this Act or of any standards, notices, directions, conditions, specifications or requirements specified or made by the Bank under this Act and applied to it under subsection (2) commits an offence and shall be liable to the same penalty applicable to a person convicted of an offence under such provisions and if no offence is provided for such contravention, the person commits a breach and the Bank may take an action under paragraph 245(3)(b) in addition to other enforcement actions that the Bank is empowered to take under this Act.