Sri Lanka Consolidated Acts

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Payment And Settlement Systems Act (No. 28 of 2005) - Sect 43

Regulations

43.
(1) The Minister may, for the purpose of giving effect to the principles and provisions of this Act, make regulations with respect to any matter required by this Act to be prescribed or in respect of which regulations are required or authorized to be made by the Act.
(2) In particular and without prejudice to the generality of the powers conferred on the Minister by subsection (1), the Minister may, make regulations in respect of all or any of the following matters :-
(a) the protection of customers and the integrity and development of payment systems in Sri Lanka ;
(b) the imposition of restrictions, limitations or prohibition on the use of payment orders from designated categories of accounts and persons and the specification of the conditions governing such use ;
(c) the imposition of restrictions on the liability of individuals by specifying restrictions and pre- conditions for such liability, in connection with payment transactions to or from accounts that are used primarily for personal or household and non- business purposes ;
(d) the determination of standards by which the performance of duties under the Act may be measured ;
(e) the determination and modification of the time periods or deadlines for any action or omission specified by this Act, for all or specified categories of parties, participants, securities transfers or payment transactions ;
(f) the specification of the procedures and provision of time limits, and the rights and remedies in case of computer breakdowns or other emergency affecting the financial system in whole or in part; and
(g) the determination of the fees to be imposed and charges to be levied in order to recover the full operating costs of the administration of this Act.
(3) Every regulation made by the Minister shall be published in the Gazette and shall come into operation on the date of publication or on such later date as may be specified in the regulation.
(4) Every regulation made by the Minister shall as soon as convenient after its publication in the Gazette be brought before Parliament for approval. Any such regulation which is not so approved shall be deemed to be rescinded as from the date of disapproval, but without prejudice to anything previously done thereunder.
(5) Notification of the date on which any regulation made by the Minister is rescinded shall be published in the Gazette.

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