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payment system "payment system" means any system or arrangement for the transfer, clearing or settlement of funds or securities, but excludes:- (a) a payment system established or operated by the Central Bank or operated on behalf of the Central Bank, under the Central Bank of Malaysia Act 2009; (b) a clearing house as defined under the Capital Markets and Services Act 2007; (c) an in-house payment system operated by a person solely for his own administrative purposes that does not transfer, clear or settle funds or securities for third parties; and (d) a system that solely facilitates the initiation of payment instructions;
ACT 704 - LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010
86. Interpretation. |
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payment system "payment system" means any system or arrangement for the transfer, clearing or settlement of funds or securities, but excludes — (a) a payment system operated by the Bank under the Central Bank of Malaysia Act 1958; (b) a clearing house recognised under the Securities Industry Act 1983 [Act 280]; (c) a clearing house licensed under the Futures Industry Act 1993 [Act 499]; (d) an in-house payment system operated by a person solely for his own administrative purposes that does not transfer, clear or settle funds or securities for third parties; (e) a system that solely facilitates the initiation of payment instructions; and (f) such other systems or arrangements as may be prescribed by the Bank.
ACT 627 - PAYMENT SYSTEMS ACT 2003
2. Interpretation. |