(1)
| (b) | The power of the Governor in terms of paragraph (a) may not be delegated. |
| (2) | Subsection (1) does not apply to a payment system owned or operated by the Reserve Bank. |
| (3) | Before designating a payment system in terms of subsection (1) as a systemically important payment system, the Governor must— |
| (a) | give the Financial Stability Oversight Committee notice of the proposed designation and a statement of the reasons why the designation is proposed, and invite the Committee to provide advice on the proposal within a specified reasonable period; and |
| (b) | if, after considering the Financial Stability Oversight Committee’s advice, the Governor proposes to designate the payment system in terms of subsection (1), invite the payment system operator of the payment system to make submissions on the matter, and give the operator a reasonable period to do so. |
| (4) | In deciding whether to designate a payment system in terms of subsection (1), the Governor must take into account at least the following: |
| (a) | The size and complexity of the payment system; |
| (b) | the interconnectedness of the payment system with the financial system; |
| (c) | whether there are readily available substitutes for the payment services that the payment system provides; |
| (d) | recommendations of the Financial Stability Oversight Committee; |
| (e) | submissions made by or for the payment system operator; and |
[Section 29B inserted by section 42 and 61(e) of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
