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

71   Subsection 20(2)

Repeal the subsection, substitute:

(2) The arbitration is to be conducted:

(a) in the case of an arbitration arranged by the Reserve Bank - by the Governor of the Reserve Bank, or by a person appointed in writing by the Governor to conduct the arbitration; or

(b) in the case of an arbitration arranged by a nominated special regulator - by the head of the nominated special regulator, or by a person appointed in writing by the head of the nominated special regulator to conduct the arbitration.

Note: The functions and powers of the Governor of the Reserve Bank and the head of a nominated special regulator under this subsection cannot be delegated: see subsections 31(2A) and 31A(3).