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

79   At the end of Division 6 of Part 3

Add:

21A Conflicts between directions

(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 21(1), given a direction (a normal direction ) to a participant in the payment system; and

(c) a nominated special regulator has, under subsection 21(1A), given a direction (a special direction ) to a participantin the payment system; and

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

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