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

93   After section 31

Insert:

31A Delegation - nominated special regulators

(1) A nominated special regulator (other than the Reserve Bank) in relation to a special designated payment system may, by written instrument, delegate all or any of its functions or powers under this Act to:

(a) the head of the nominated special regulator; or

(b) a person prescribed by the regulations as an eligible delegate in relation to the nominated special regulator.

(2) Subject to subsection (3), the head of a nominated special regulator (other than the Governor of the Reserve Bank) in relation to a special designated payment system may, in writing, delegate all or any of the head's functions or powers under this Act to a person prescribed by the regulations as an eligible delegate in relation to the nominated special regulator.

(3) A power or function under subsection 20(2) (which relates to the conduct of arbitrations) must not be delegated under subsection (2) of this section.

(4) Before delegating a function or power to a person under subsection (1) or (2), the delegator must have regard to:

(a) if the power or function is to be delegated to a person holding, occupying, or performing the duties of, a specified office or position - whether the office or position is sufficiently senior for the person to perform the function or exercise the power; or

(b) otherwise - whether the person has appropriate qualifications or expertise to perform the function or exercise the power.

(5) In exercising powers under a delegation under subsection (1) or (2), the delegate must comply with any directions of the delegator.

Note: For further information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901 .

(6) This section does not limit a power of delegation that a delegator mentioned in subsection (1) or (2) has under any other Act.