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Part II · Payment, Clearing and Settlement Systems and Money Services

15. Directives for 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 issue a written directive to the Manager or to a participant of a designated payment system in respect of any one or more of the following:—

(a)

the conditions to be met by any person in order to have access or to become a participant of the desingnated payment system ;

(b)

the operation of the designated payment system, including the clearing and settlement procedures to be followed ;

(c)

the interaction of the designated payment system with other payment systems ; or

(d)

the relationship of the designated payment system with its participants.

(2)

The Central Bank shall prior to issuing any written directive under subsection (1), consult the person to whom it is directed, and may also consult any interested persons with respect to the content and the effect of the directive.

(3)

The Central Bank may by a written directive specify that a Manager of the designated payment system or a participant in such a system shall, within such time as the

Central Bank considers necessary-

(i)

cease or refrain from engaging in an act or course of conduct ;

(ii)

perform such acts as in the opinion of the Central

Bank are necessary in the public interest ; or

(iii)

make, amend or repeal a payment system rule.

(4)

As soon as is practicable after implementing a directive and completing any actions required to be taken in connection with it, the person to whom it is given shall notify the Central Bank that the directive has been implemented and the action completed.

(5)

Every directive issued under this section shall be communicated to the person to whom it is directed and shall come into operation from the date of its issue. A directive is binding on the person to whom it is directed.

Read on from s 16

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV