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

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

Part 4   Other amendments

Payment Systems (Regulation) Act 1998

119   Before section 31

Insert:

30A Enforceable undertakings

Acceptance of undertakings

(1) The Reserve Bank may accept a written undertaking given by a participant in a payment system (whether or not it is a designated payment system or a special designated payment system) in connection with a matter in relation to which the Reserve Bank (including in its capacity as a nominated special regulator) has a function or power under this Act, the regulations or another legislative instrument made under this Act.

(2) However, if:

(a) the written undertaking is in connection with a matter in relation to which the Reserve Bank has a function or power under this Act, the regulations or another legislative instrument made under this Act; and

(b) that function or power is one that the Reserve Bank has other than in its capacity as a nominated special regulator;

then the Reserve Bank may accept the undertaking only if doing so would be consistent with the Reserve Bank's payments system policy (within the meaning of the Reserve Bank Act 1959).

(3) A nominated special regulator (other than the Reserve Bank) in relation to a special designated payment system may accept a written undertaking given by a participant in that special designated payment system in connection with a matter in relation to which the nominated special regulator has a function or power under this Act, the regulations or another legislative instrument made under this Act.

Withdrawal or variation

(4) The participant may withdraw or vary the undertaking at any time, but only with the consent of the Reserve Bank or the nominated special regulator (as the case may be).

Breach of undertakings

(5) If the Reserve Bank or the nominated special regulator (as the case may be) considers that the participant who gave the undertaking has breached any of the terms of the undertaking, the Reserve Bank or the nominated special regulator may apply to the Court for an order under subsection (6).

(6) If the Court is satisfied that the participant has breached a term of the undertaking, the Court may make all or any of the following orders:

(a) an order directing the participant to comply with that term of the undertaking;

(b) an order directing the participant to pay to the Commonwealth an amount up to the amount of any financial benefit that the participant has obtained directly or indirectly and that is reasonably attributable to the breach;

(c) any order that the Court considers appropriate directing the participant to compensate any other person who has suffered loss or damage as a result of the breach;

(d) any other order that the Court considers appropriate.

Authorisation for the purposes of the Competition and Consumer Act 2010

(7) For the purposes of subparagraph 51(1)(a)(i) of the Competition and Consumer Act 2010, the following are taken to be specified in, and specifically authorised by, this Act:

(a) anything done by the Reserve Bank or a nominated special regulator under this section;

(b) the giving, by a participant in a payment system, of a written undertaking to the Reserve Bank or a nominated special regulator under subsection (1) or (3) of this section;

(c) anything done by the participant in accordance with the terms of that written undertaking.

Definitions

(8) In this section:

Court means:

(a) the Federal Court; or

(b) the Federal Circuit and Family Court of Australia (Division 2); or

(c) a court of a State or Territory that has jurisdiction in relation to the matter.

30B Protection from civil liability

Protection from civil liability - conduct relating to designated payment systems

(1) A person covered by subsection (2) is not subject to civil liability in respect of an act or omission of the person if:

(a) the act or omission is done in good faith:

(i) in the performance or exercise (or purported performance or exercise) of a function or power under this Act; or

(ii) for the purpose of assisting another person to perform or exercise a function or power under this Act; and

(b) the act or omission relates to a designated payment system.

(2) The following persons are covered by this subsection:

(a) the Reserve Bank;

(b) a person who is an officer within the meaning of subsection 79A(1) of the Reserve Bank Act 1959, except a person mentioned in paragraph (d) or (e) of the definition of officer in that subsection;

(c) a person prescribed by regulations made for the purposes of this paragraph.

Protection from civil liability - conduct relating to special designated payment systems

(3) A person covered by subsection (2) or (4) is not subject to civil liability in respect of an act or omission of the person if:

(a) the act or omission is done in good faith:

(i) in the performance or exercise (or purported performance or exercise) of a function or power under this Act; or

(ii) for the purpose of assisting another person to perform or exercise a function or power under this Act; and

(b) the act or omission relates to a special designated payment system; and

(c) if the act or omission contravenes a direction given by the Minister under subsection 11F(1), or a direction given by a delegator as mentioned in subsection 31(3) or 31A(5) - the person attempted in good faith to comply with the direction.

(4) The following persons are covered by this subsection:

(a) a nominated special regulator (other than the Reserve Bank);

(b) the head of such a nominated special regulator;

(c) a delegate of such a nominated special regulator, or of the head of such a nominated special regulator;

(d) a person prescribed in relation to such a nominated special regulator by regulations made for the purposes of this paragraph.

30C Protections from criminal or civil liability do not limit each other

(1) The following provisions do not limit, and are not limited by, each other:

(a) subsection 20(3);

(b) subsection 26A(5);

(c) subsections 30B(1) and (3).

(2) The provisions referred to in subsection (1) do not limit, and are not limited by, any other provision of a Commonwealth law that protects a person from criminal or civil liability.