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Revised Laws of Saint Lucia
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PAYMENT SYSTEM ACT
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35. Act to bind the Crown
Revised Laws of Saint Lucia (2023)
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35. Act to bind the Crown
This Act binds the Crown.
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35. Act to bind the Crown
ACT
PART 1 PRELIMINARY
1. Short title
2. Interpretation
PART 2 AUTHORITY OF THE CENTRAL BANK
3. Establishment of Payment System and Central Bank's exclusive authority
PART 3 THE PAYMENT SYSTEM
4. Characteristics of the Payment System
5. The large value electronic transfer system
6. Cheque clearing system
7. Settlement for systems not operated by the Central Bank
8. Participation in systems not operated by the Central Bank
9. Technical assistance to funds transfer systems
10. Netting arrangements
PART 4 DESIGNATION OF FUNDS TRANSFER SYSTEM OR SETTLEMENT SYSTEM
11. Designation of funds transfer systems or settlement system
12. Central Bank to establish standards for designated system
13. Variation or revocation of standards
14. Cessation of standards
15. Establishment of access regime
16. Commencement and cessation of access regime
17. Variation of access regime
18. Commencement of variation
19. Revocation of access regime
20. Effective date of revocation
PART 5 INSOLVENCY OR BANKRUPTCY OF SYSTEM PARTICIPANT OR AN OPERATOR
21. Bankruptcy or insolvency of operator or system participant
22. Utilisation of deposits, etc., FULL
PART 6 EXAMINATION, AUDIT AND INFORMATION
23. Validity of electronic data
24. Retention of records
25. Central Bank examination of books of an operator
26. Disclosure and access to books and records
27. System participant and operator to provide information
28. Annual audit, report and publication of financial statements
PART 7 COMPLIANCE, ARBITRATION AND REGULATION
29. Management's duty to comply with the law
30. Settlement of disputes by arbitration
31. Directives by Central Bank
32. Regulations
33. Central Bank to make rules
34. Prudential guidelines
PART 8 MISCELLANEOUS
Schedule
SUBSIDIARY LEGISLATION
Payment System (Eastern Caribbean Automated Clearing House System) Rules – section 33 (Statutory Instruments 79/2014, 33/2015, 199/2021 and 121/2022)
1. Citation
Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5