From Business Insider By Linette Lopez February 27, 2014 Yesterday, Max Baucus (D-MT) and Dave Camp (R-MI)...
Proclamation No. 718/2011
(amended through 2011)
This proclamation provides rules on establishment, governance, operation, regulation, and oversight of the national payment system.
This section introduces the proclamation title and definitions, setting the scope of the law.
2. Powers and Duties of the National Bank, and Issuance of Authorization
This section gives the National Bank the power to authorize, prohibit, suspend, and revoke permissions with regard to payment systems. The National Bank shall establish, own, operate, participate in, regulate, and supervise its own system.
3. Settlement, Netting, and Finality
This section describes the National Bank’s role in settlements and the rules governing these interactions.
4. Electronic Fund Transfers
This section requires terms and conditions to be set and complaints to be investigated and addressed by issuers of payment instruments. It confirms the validity of electronic communication and electronic data, even including using images as payment. It outlines the responsibility of users of a shared system.
5. Regulation and Oversight
This section mandates that system operators establish rules, keep financial records, and perform audits and examinations, all subject to National Bank approval.
6. Miscellaneous Provisions
This section establishes guidelines regarding service charge by the National Bank, settlement of disputes, protection for acts done in good faith, penalties for infringements, and transitory provisions. It introduces the National Payment System Council, intended to play an advisory role to the National Bank, and grants the National Bank authority to issue directives and orders, and the Council of Ministers authority to issue regulations.
This proclamation takes precedence over other inconsistent laws addressing the same issues.