Africa-Press – Seychelles. The Central Bank of Seychelles (CBS) is inviting the public to comment on amendments being proposed to the National Payment System Act, 2014 (NPSA) – the law under which CBS regulates and oversees the local payment system.
The amendments are being considered in view of certain deficiencies observed by CBS in the implementation of the NPSA, since its coming-into-force in 2014. Key amendments being proposed include:
• Allowing CBS to determine the use and acceptance of any form of payment instruments, including a limit on the value of transactions to be used;
• Providing exemptions to CBS in relation to certain requirements as it discharges the functions of owner and operator of payment, clearing and settlement systems;
• Aligning certain provisions of the NPSA in relation to confidentiality, inspections, record-keeping and archiving with the Financial Institutions Act, 2004 as amended; and
• Introducing the term Financial Market Infrastructure (FMI) within the NPSA, and allowing CBS to designate FMIs and payment instruments that are deemed to be of significant importance to the financial system.
It is expected that the amendments being proposed will support ongoing efforts under the National Payment System Modernisation Plan and reflect current international standards and best practice.
CBS is encouraging the participation of the public in this consultation process. Comments, suggestions and feedback can be submitted by email to [email protected], by November 25, 2022, latest. The consultation paper can be accessed on the CBS website at the following link: https://www.cbs.sc/Publications/PublicConsultation.html.
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