{"id":333584,"date":"2024-10-22T14:00:59","date_gmt":"2024-10-22T08:30:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=333584"},"modified":"2024-10-22T12:36:31","modified_gmt":"2024-10-22T07:06:31","slug":"ifsca-payment-and-settlement-systems-regulations-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/22\/ifsca-payment-and-settlement-systems-regulations-legal-news\/","title":{"rendered":"New process of authorization and operations of Payment System introduced vide IFSCA (Payment and Settlement Systems) Regulations, 2024"},"content":{"rendered":"
\n

On 14-10-2024, the International Financial Services Centres Authority (‘IFSCA’)<\/span> notified the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024<\/span>. The provisions came into force on 17-10-2024.<\/p>\n

Key Points:<\/h3>\n
    \n
  1. \n

    Objective:<\/span> to lay down the process of authorization and operations of Payment Systems in International Financial Services Centres.<\/p>\n<\/li>\n

  2. \n

    Application for authorization for commencing or carrying on a Payment System:<\/p>\n

      \n
    • \n

      Person desirous of commencing or carrying on a Payment System will have to apply for a grant of authorization.<\/p>\n<\/li>\n

    • \n

      The application will be accompanied by a non- refundable application fee of 1000 USD.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Grant of in- principle approval:<\/p>\n

        \n
      • \n

        IFSCA will consider the application if it satisfies:<\/p>\n

          \n
        • \n

          Need for the Proposed Payment System (‘PPS’)<\/span> or the services proposed to be undertaken by it;<\/p>\n<\/li>\n

        • \n

          Technical standards \/ design of the PPS;<\/p>\n<\/li>\n

        • \n

          Terms and Conditions of PS including any security procedure;<\/p>\n<\/li>\n

        • \n

          Manner in which transfer of funds may be affected;<\/p>\n<\/li>\n

        • \n

          Procedure for netting payment instructions effecting the payment obligations;<\/p>\n<\/li>\n

        • \n

          Financial status\/ experience of management and integrity of the application;<\/p>\n<\/li>\n

        • \n

          Interests of consumers;<\/p>\n<\/li>\n

        • \n

          Monetary and credit policies.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

        • \n

          IFSCA can issue an “in- principle approval” after considering the application although this does not automatically entitle the applicant for authorization.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

        • \n

          Grant of Authorization Certificate:<\/p>\n

            \n
          • \n

            IFSCA can issue an authorization certificate to commence a Payment System and specify the date of authorization;<\/p>\n<\/li>\n

          • \n

            While granting authorization, IFSCA can impose additional conditions, and authorization will be granted if these conditions are met.<\/p>\n<\/li>\n

          • \n

            IFSCA can also ask the applicant to furnish a security deposit.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            In case an application for exemption<\/span> is rejected by the IFSCA, it has to communicate the same to the applicant within 90 days from the date of application.<\/p>\n<\/li>\n

          • \n

            Every System Provider will have to comply<\/span> with the Principles for Financial Market Infrastructure issued by the Commitee on Payments and Market Infrastructure and International Organization of Securities Commissions.<\/p>\n<\/li>\n

          • \n

            Furnishing of accounts and Balance Sheet:<\/p>\n

              \n
            • \n

              System Provider will have to furnish on the last date of the relevant year:<\/p>\n

                \n
              • \n

                a copy of its audited balance sheet;<\/p>\n<\/li>\n

              • \n

                a copy of the profit and loss account;<\/p>\n<\/li>\n

              • \n

                a copy of Auditor’s report.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

              • \n

                The above-mentioned should be furnished within 3 months from the date on which the System Provider’s annual accounts are closed.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

              • \n

                Starting from 17-10-2024, the Payment and Settlement Systems Regulations, 2008 will not apply in the International Financial Service Centre’.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                On commencement of these regulations the Payment and Settlement Systems Regulations, 2008 will not apply in the International Financial Service Centre.<\/p>\n","protected":false},"author":67515,"featured_media":324062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[74348,44463,74346,74349,74347],"class_list":["post-333584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-authorizationcertificate","tag-ifsca","tag-paymentandsettlementsystemregulations","tag-proposedpaymentsystem","tag-systemprovider"],"yoast_head":"\nIFSCA (Payment and Settlement Systems) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"FSCA notified International Financial Services Centres Authority (Payment and Settlement Systems) 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