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srilawsby aturio
As enacted
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Part II · Payment, Clearing and Settlement Systems and Money Services

13. Designated Payment Systems

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Central Bank may, if it considers it in the public interest to do so, designate a payment system to be made subject to additional regulation and supervision as provided in sections 14 and 15.

(2)

The following factors shall be taken into consideration when determining whether it is in the public interest to designate a payment system—

(i)

the level of financial safety provided by the payment system to the particpant and users ;

(ii)

the efficiency and competitiveness of payment systems in Sri Lanka ; and

(iii)

the best interests of payment system participants and their customers or the financial system in Sri Lanka.

(3)

Prior to the designation of a payment system, the

Central Bank shall consult the manager and participants of the payment system and may consult interested parties, with respect to the effects of such designation.

(4)

The Central Bank shall notify the manager and the participants of the designation of the payment system in such manner as the Central Bank considers appropriate. The designation shall be effective from the date specified in such notification. Every such notification shall be published in the Gazette.

Read on from s 14

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV