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

28   After section 11

Insert:

11A Multiple designation - consultation by Reserve Bank

Consultation before multiple designation

(1) If a payment systemis a special designated payment system, the Reserve Bank must, before designating the payment system under subsection 11(1), consult each nominated special regulator in relation to the payment system that is not the Reserve Bank (if there are any such nominated special regulators).

Consultation after multiple designation

(2) Subsection (3) applies if a payment system (the target payment system ) is both a designated payment system and a special designated payment system.

(3) Before the Reserve Bank exercises a power covered by subsection (4) in relation to the target payment system, the Reserve Bank must consult each nominated special regulator in relation to the target payment system that is not the Reserve Bank (if there are any such nominated special regulators).

(4) This subsection covers the following powers of the Reserve Bank:

(a) the power under subsection 12(1) to impose an access regime on participants in a designated payment system, and the power to vary or revoke such an access regime;

(b) the power under subsection 18(1) to determine a standard to be complied with by participants in a designated payment system, and the power to vary or revoke such a standard;

(c) the power under subsection 21(1) to give a direction to a participant in a designated payment system, and the power to vary or revoke such a direction.

Note: This subsection does not cover powers (if any) that the Reserve Bank may have in its capacity as a nominated special regulator. For consultation requirements that apply to nominated special regulators (including the Reserve Bank, if the Reserve Bank is a nominated special regulator), see subsection 11E(5).