Central Bank Act, 1997
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Existing payment systems. |
8.—(1) Within three months of the passing of this Act, every payment system which was in operation before such passing (in this Part referred to as “an existing system”) shall— | |
(a) submit its rules to the Bank for approval, or | ||
(b) cease to operate. | ||
(2) Pending a decision by the Bank to approve or not to approve of the rules of an existing system submitted to it under subsection (1) (a), the Bank may— | ||
(a) impose on the system such conditions or requirements as it considers appropriate to impose, or | ||
(b) issue a direction under section 12 as if the existing system were a system the rules of which had been approved of by the Bank. | ||
(3) The operators of a payment system may appeal to the Court against the imposition of any condition or requirement or the giving of a direction under this section. | ||
(4) On hearing an appeal under subsection (3) of this section, the Court may confirm, vary or rescind any condition, requirement or direction imposed under this section. |