Section 48A: Licensing and overseeing of financial market infrastructure and payment scheme providers

48A. Licensing and overseeing of financial market infrastructure and payment scheme providers (1) The Bank shall be responsible for the regulation, licensing, registration and overseeing of payment systems, clearing houses and the issuance and quality of payment instruments and may impose administrative penalties on a financial institution pursuant to section 50 (6). (2) The Bank may, by regulations— (a) require the registration or licensing of any payment, clearing or securities settlement system or the operator of any such system or any payment scheme provider; (b) require any payment, clearing and settlement system or the operator of such system or a payment scheme provider to observe such conditions and requirements as the Bank may determine; and (c) require any payment, clearing and settlement system or the operator of any such system or a payment scheme provider to pay to the Bank such non-refundable processing fee and annual licence fee as may be prescribed in regulations made by the Bank, with the approval of the Minister. (3) The Bank may appoint its officers or any other qualified person to conduct an examination of the payment or clearing systems, their operator and participants, as well as payment scheme providers, to— (a) examine such accounts, books, documents and other records; (b) obtain such information and records from them; and (c) take such other action, as the Bank may consider necessary or advisable. [Issue 7] B2 – 24 Revised Laws of Mauritius (4) The Bank may obtain such information as it requires from payment, clearing and settlement systems, and participants, as well as payment scheme providers. (5) The Bank may disclose any information or data obtained under subsection (3) or (4), in whole or in part in aggregate form. [S. 48A inserted by s. 3 (e) of Act 9 of 2015 w.e.f. 14 May 2015.]