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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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