Regulations relating to variation or revocation of designated entities, 2023

Government Notice 253 of 2023

Citation
Government Notice 253 of 2023
Primary work
Payment System Management Act, 2023
Date
8 August 2023
Language
English
Type
Government Notice
Coat of Arms
Payment System Management Act, 2023

Regulations relating to variation or revocation of designated entities, 2023

Government Notice 253 of 2023

1. Definitions

In these regulations a word or an expression to which a meaning has been assigned in the Act has that meaning, and unless the context indicates otherwise-“the Act” means the Payment System Management Act, 2023 (Act No. 14 of 2023).

2. Purpose and application of Regulations

(1)The purpose of these Regulations is to set out the procedure for variation or revocation of any designation made under section 25 of the Act.
(2)These Regulations apply to a payment, clearing or settlement system in the national payment system that the Bank has designated under section 25 of the Act.

3. Variation and revocation of designation

(1)Subject to section 26 of the Act, the Bank may vary or revoke any designation made under section 25 of the Act or the terms and conditions applicable to such designation, by written notice to the designated entity as set in the Annexure, informing the designated entity that the Bank intends to vary or revoke such designation or such terms and conditions and, in that notice, state the grounds for that intended action.
(2)A designated entity may, within 30 business days from the date of receipt of a notice referred in subregulation (1), make written representations to the Bank.
(3)On receipt of the written representations, the Bank must consider the representations made by the designated entity, if any, before making a decision.
(4)Once the Bank has made a decision as contemplated in subregulation (3), the Bank must-
(a)in writing, inform the designated entity of its decision and the reasons for such decision; and
(b)publish the variation or revocation in a notice in the Gazette.
(5)If the designated entity does not make written representations within the 30 business days from the date of receipt of the written notice, the Bank must, by written notice inform the designated entity of the variation or revocation of the designation and publish such variation or revocation in the Gazette.
(6)The Bank must ensure that it has followed all due diligence processes before the variation or revocation of the designation.

Annexure (Regulation 3(1), Section 26(1))

Forms - Notice of variation or revocation of designation

[Editorial note: The forms have not been reproduced.]
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History of this document

08 August 2023 this version
Commenced
01 August 2023
Assented to

Cited documents 1

Act 1
1. Payment System Management Act, 2023 7 citations

Documents citing this one 0