Establishment of the National Payment System Council

(1) The National Payment System Council is hereby established for the purpose of advising the Central Bank on the regulation and oversight of the National Payment System, including, but not limited to, setting operational and technical standards and other matters affecting payment services and the clearing and settlement of payments and securities. (2) The Council shall consist of seven members, and be chaired by a representative from the Central Bank and the other members appointed by the Bank, on the recommendation of the following entities– (a) other governmental bodies that regulate or are in any other way involved in a system or financial market; (b) if in existence, associations of financial institutions and credit unions operating in Belize which are involved in a payment service or clearing and settlement of securities; and (c) any other entity, involved in a payment service or in the clearing and settlement of securities, as may be determined by the Central Bank. PART 3