Treasury Laws Amendment (Payments System Modernisation) Act 2025 (46 of 2025)

Schedule 1   Amendment of the Payment Systems (Regulation) Act 1998 etc.

Part 2   Special designated payment systems

Division 1   Amendments

Payment Systems (Regulation) Act 1998

74   After subsection 21(1)

Insert:

(1A) A nominated special regulator in relation to a special designated payment system may give a direction to a participant in the special designated payment system if the nominated special regulator considers that:

(a) the participant has failed to comply with a standard determined by the nominated special regulator under subsection 18(1A); or

(b) the participant has failed to comply with an access regime imposed by the nominated special regulator under subsection 12(1A).