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

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

Repeal the subsection, substitute:

(1) Under this Part:

(a) the Reserve Bank is given the power to designate payment systems, which are then known as designated payment systems (see Division 2); and

(b) the Minister is also given the power to designate payment systems, which are then known as special designated payment systems (see Division 2A).

Note: A payment system may be a designated payment system and a special designated payment system: see subsections 11(1A) and 11B(2).