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

54   After section 15

Insert:

15AA Conflicts between access regimes

(1) This section applies if:

(a) a particular payment system is both a designated payment system and a special designated payment system; and

(b) the Reserve Bank has, under subsection 12(1), imposed an access regime (the normal access regime ) on participants in the payment system; and

(c) a nominated special regulator has, under subsection 12(1A), imposed an access regime (the special access regime )on participants in the payment system; and

(d) the normal access regime is, to any extent, inconsistent with the special access regime.

(2) For the purposes of this Act, the normal access regime does not apply to the extent that it is inconsistent with the special access regime.