The objective of this Regulation is to ensure safety and efficiency of Financial Infrastructure Systems and promote efficient and smooth operations thereof. The Regulation sets out the licensing, designation and oversight framework that the Central Bank intends to follow with respect to the licensing and designation of RPS, and the ongoing oversight of such systems. This Regulation also outlines the major obligations and ongoing requirements of a designated RPS, the powers of the Central Bank in respect thereof, the licensing, designation and ongoing oversight of an RPS.

The scope of this Regulation will cover the systematically important RPS which meet one of the following conditions: (a) the concerned system is operated in the State; or (b) the concerned system has the capacity to provide transfer, clearing or settlement of payment obligations relating to retail activities denominated in the Currency, any currency or any Regulated Medium of Exchange.

This Regulation explains the relevant policies and procedures adopted by the Central Bank with respect to the licensing and designation of RPS. It sets out: (a) the types of RPS which are likely to be covered by the Regulation; (b) the Central Bank’s intended interpretation of the key criteria for designating an RPS; (c) the licensing and designation process; (d) the ongoing requirements of the designated RPS; and (e) the appeal mechanism in respect of the licensing, designation, suspension and revocation of licensing and/or designation.

The provisions of this Regulation shall not apply to Financial Free Zones and to RPS operating therein unless when expressly provided hereunder.