Government Notice No. 2883 of 2022

National Payment System Act (78/1998) » Second variation of the conditions of the designation of the South...

Title	National Payment System Act (78/1998) » Second variation of the conditions of the designation of the South African Postbank SOc Limited as a designated clearing system participant
Department	South African Reserve Bank
Gazette	Regulation Gazettes, No. 47765 of 23 December, 2022, 3 page(s), 185Kb

STAATSKOERANT, 23 DESEMbER 2022                       No. 47765    15

SOUTH AFRICAN RESERVE BANK

NO.  R. 2883                                                                       23 December 2022

VARIATION NOTICE

Variation by the Governor of  the South African Reserve Bank in  terms of section
                 6(3)(b) of the National Payment System Act 78 of 1998:

Second  variation  of the  conditions  of  the  designation of the  South African
                 Postbank SOC Limited as a designated clearing system participant

1.     Introduction

1.1.   The South African Reserve Bank (SARB) is empowered to vary and revoke any
                        designation of a clearing system participant in terms of the National Payment
                        System Act 78 of 1998, as amended (NPS Act). In terms of section 6(3)(b) of
                        the NPS Act, the SARB may vary or revoke any designation by;

1.1.1 amending or revoking any condition to which the designation is subject; or
                 1.1.2   making the designation subject to a new condition or new conditions.

1.2.   Section 6(3)(c) of the NPS Act provides that, in determining whether or not to
                        vary or revoke a designation, the SARB may have regard to any or all of the
                        following:

1.2.1 any failure to comply with any condition to which the designation is subject;

1.2.2 whether or not the designated clearing system participant (DCSP) has knowingly
                             furnished information or documents which are false or misleading in any
                            material respect to the SARB in connection with the designation;
                  1.2.3   whether or not it is in the public interest to revoke the designation;
                  1.2.4   any other matters that the SARB considers appropriate.

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Government Notice No. 2883 of 2022

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