21. Provision of information relating to Designated Payment System

(1) The AFSA may, by Written notice, require any or all of the following Persons to provide specified information to it relating to a Designated Payment System:

• (a) an operator of the payment system;
• (b) a participant in the payment system;
• (c) the Designated Contact of the payment system.

(2) The AFSA may require information to be provided to it under subsection (1) only if it considers that the information is reasonably required to enable it to Exercise its Functions under these Regulations.

(3) A notice under subsection (1) may specify:

• (a) the periods for which, and the form in which, the information must be provided; and
• (b) how the information must be verified.

(4) The AFSA may require any information to be provided under this section to be in English.

(5) If the AFSA is satisfied that a Person has Contravened this section, it may impose a fine on the Person for the Contravention.

22. Designated Contact must be notified of Insolvency Proceeding

(1) This section applies if:

• (a) an Insolvency Proceeding is or has been commenced in respect of a participant in a Designated Payment System (participant A); or
• (b) an Insolvency Proceeding is or has been commenced in respect of any other participant whose Settlements are effected by participant A through the Designated Payment System.

(2) As soon as practicable after becoming aware of the Insolvency Proceeding, Participant A must notify the Designated Contact of the Insolvency Proceeding.

(3) It is sufficient compliance with the requirement to notify the Designated Contact under subsection (2) if:

• (a) participant A takes all reasonable steps to comply with the requirement; or
• (b) the Designated Contact was already actually aware of the commencement of the Insolvency Proceeding by the time participant A had to notify the Designated Contact under that subsection.

(4) The Designated Contact must notify the AFSA promptly if the Designated Contact receives a notification under subsection (2) or otherwise becomes aware of the commencement of an Insolvency Proceeding in respect of a participant in the Designated Payment System.