Law library · Sierra Leone · The Payment Systems Act, 2009
Section 6, The Payment Systems Act, 2009
Status not yet checkedThe Payment Systems Act, 2009, Sierra Leone
(1) In supervising a system designated under paragraph (b) of subsection (1) of section 2, the Central Bank shall–
(a) require information from its operators as to
the operation of the system;
(b) inspect the premises, equipment, computer
hardware, software, any communication
system, books of accounts and any other
document or electronic information relating
to the system which it may require;
(c) require changes to the terms of any rules,
agreements or practices pursuant to which
the system is operated so as to ensure that
the system is operated efficiently and in the
public interest;
(d) require changes to the rules concerning
access to the system so as to ensure that the
system is operated efficiently and in the
public interest;
(e) exercise such other powers as may be
prescribed.
(2) In addition to any mandatory information required by
the Central Bank the management body of every designated system
and every participant in that system shall provide the Central Bank
with such reports, returns and other information as the Central Bank
may reasonably require regarding–
(a) the volumes and values of transfer
instructions cleared in the system;
(b) the volumes and values of the participants’
payment and settlement obligations;
(c) any other information regarding the
operation of the system.
(3) The management body of a designated system shall
be required to comply with the Central Bank’s directions given
pursuant to subsection (1).
(4) Information and documents obtained by the Central
Bank under this section shall be confidential and treated accordingly,
subject to such disclosure as may, in the opinion of the Bank be
required in the public interest.
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