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

83   After section 26

Insert:

26A Authorised use or disclosure of information

Authorised use or disclosure - Reserve Bank, officers, etc.

(1) A person covered by subsection (2) may use or disclose information or documents obtained under, or for the purposes of, this Act if:

(a) the use or disclosure is for the purposes of this Act; and

(b) in the case of disclosure - the disclosure is to a nominated special regulator.

Note: This subsection, and subsection (3), constitute authorisations for the purposes of the Privacy Act 1988.

(2) For the purposes of subsection (1), the following persons are covered by this subsection:

(a) the Reserve Bank;

(b) a person who is an officer within the meaning of subsection 79A(1) of the Reserve Bank Act 1959, except a person mentioned in paragraph (e) of the definition of officer in that subsection;

(c) a person who, because of the person's employment or engagement, or in the course of that employment or engagement, has obtained information or documents under, or for the purposes of, this Act;

(d) a person prescribed by regulations made for the purposes of this paragraph.

Authorised use or disclosure - nominated special regulators

(3) A person covered by subsection (4) in relation to a special designated payment system may use or disclose information or documents obtained under, or for the purposes of, this Act if:

(a) the use or disclosure is for the purposes of this Act; and

(b) in the case of disclosure - the disclosure is to:

(i) the Reserve Bank; or

(ii) a nominated special regulator in relation to the special designated payment system.

(4) For the purposes of subsection (3), the following persons are covered by this subsection in relation to a special designated payment system:

(a) a nominated special regulator (other than the Reserve Bank) in relation to the special designated payment system;

(b) the head of such a nominated special regulator;

(c) a delegate of such a nominated special regulator, or of the head of such a nominated special regulator;

(d) a person prescribed in relation to such a nominated special regulator by regulations made for the purposes of this paragraph.

Protection from liability

(5) A person does not commit an offence, and is not liable to any penalty, under any law of the Commonwealth, or any law of a State or Territory, as a result of the person using or disclosing information or documents in accordance with this section.