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mylaw.myby aturio
In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part V · Payment Systems

55. Requirement to notify in event of insolvency, etc.

(1)

Where an operator of a certified designated payment system—

(a)

is insolvent or is likely to become insolvent;

(b)

has become or is likely to become unable to meet any or all of its obligations; or

(c)

has suspended payments or compounded with its creditors, such operator shall immediately notify the participants of the certified designated payment system.

(2)

Where a participant of a certified designated payment system—

(a)

is insolvent or is likely to become insolvent;

(b)

has become or is likely to become unable to meet any or all of its obligations; or

(c)

has suspended payments or compounded with its creditors, such participant shall immediately notify the operator who shall notify the other participants of the certified designated payment system.

(3)

Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

Report

Part VI

Prudential Requirements

Read on from Part VI

Part VII

Ownership, Control and Transfer of Business

Read on from Part VII

Part VIII

Financial Groups

Read on from Part VIII

Part VI

Part VI—

Read on from Part VI

Part IX

Business Conduct and Consumer Protection

Read on from Part IX

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules