National Payment System Act, 1998 (Act No. 78 of 1998)12. Directives by Reserve Bank |
| 1) | The Reserve Bank may from time to time, after consultation with the payment system management body, issue directives to any person regarding a payment system or the application of the provisions of this Act. |
| 2) | In considering whether or not to issue a directive in terms of subsection (1), the Reserve Bank may have regard to any or all of the following aspects: |
| a) | That reasonable grounds exist to believe that any person is engaging in or is about to engage in any act, omission or course of conduct, with respect to the payment system, that results or is likely to result in systemic risk; |
| b) | that reasonable grounds exist to believe that any person is engaging in or is about to engage in any act, omission or course of conduct, with respect to the payment system that is or will be contrary to the public interest relative to the integrity, effectiveness, efficiency or security of the payment system; |
| c) | the public interest; |
| d) | the integrity, effectiveness, efficiency or security of the payment system; |
| e) | national financial stability; |
| f) | any other matters that the Reserve Bank considers appropriate. |
| 3) | The Reserve Bank may in writing, over and above any directive contemplated in subsection (1), issue a directive to a person requiring such person, within the period specified in the directive, to- |
| a) | cease or refrain from engaging in the act, omission or course of conduct or perform such other acts as are necessary to remedy the situation; or |
| b) | perform such acts as are necessary to comply with the directive or to effect the changes; or |
| c) | provide the Reserve Bank with such information and documents, relating to the matter as specified in the directive. |
| 4) | The provisions of this section shall not apply to a designated settlement system. |
| 5) | The Reserve Bank may, after consultation with the payment system management body, cancel in writing any previously issued directives. |
| 6) | In considering whether or not to cancel a directive in terms of subsection (5), the Reserve Bank must have regard to the factors referred to in subsection (2). |
| 7) | No directive issued by the Reserve Bank shall have any retroactive effect. |
| 8) | Any person who neglects, refuses or fails to comply with a directive issued under subsection (1) or (3) is guilty of an offence. |
| 9) |
| a) | A directive issued in terms of subsection (1) takes effect three months after it has been issued or on such earlier date as may be determined by the Reserve Bank. |
| b) | A directive issued in terms of subsection (3) takes effect immediately. |