ACT
(Act 10 of 2010)
Act 10 of 2010 .. in force 18 August 2014 (S.I. 80/2014)
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
PART 2
AUTHORITY OF THE CENTRAL BANK
| 3. | Establishment of Payment System and Central Bank's exclusive authority |
PART 3
THE PAYMENT SYSTEM
| 4. | Characteristics of the Payment System |
| 5. | The large value electronic funds transfer system |
| 6. | Cheque clearing system |
| 7. | Settlement for systems not operated by the Central Bank |
| 8. | Participation in systems not operated by the Central Bank |
| 9. | Technical assistance to funds transfer systems |
| 10. | Netting arrangements |
PART 4
DESIGNATION OF FUNDS TRANSFER SYSTEM AND SETTLEMENT SYSTEM
| 11. | Designation of funds transfer systems or settlement system |
| 12. | Central Bank to establish standards for designated system |
| 13. | Variation or revocation of standards |
| 14. | Cessation of standards |
| 15. | Establishment of access regime |
| 16. | Commencement and cessation of access regime |
| 17. | Variation of access regime |
| 18. | Commencement of variation |
| 19. | Revocation of access regime |
| 20. | Effective date of revocation |
PART 5
INSOLVENCY OR BANKRUPTCY OF SYSTEM PARTICIPANT OR AN OPERATOR
| 21. | Bankruptcy or insolvency of operator or system participant |
| 22. | Utilisation of deposits, etc., full |
PART 6
EXAMINATION, AUDIT AND INFORMATION
| 23. | Validity of electronic data |
| 24. | Retention of records |
| 25. | Central Bank examination of books of an operator |
| 26. | Disclosure and access to books and records |
| 27. | System participant and operator to provide information |
| 28. | Annual audit, report and publication of financial statements |
PART 7
COMPLIANCE, ARBITRATION AND REGULATION
| 29. | Management's duty to comply with the law |
| 30. | Settlement of disputes by arbitration |
| 31. | Directives by Central Bank |
| 32. | Regulations |
| 33. | Central Bank to make rules |
| 34. | Prudential guidelines |
PART 8
MISCELLANEOUS
| 35. | Act to bind the Crown |
| Schedule | |
AN ACT to advance the operation and regulation of the Payment System generally and particularly to codify procedures governing the payment system and to provide for related matters.
Commencement [18 August 2014]