Treasury Laws Amendment (Payments System Modernisation) Act 2025 (46 of 2025)

Schedule 1   Amendment of the Payment Systems (Regulation) Act 1998 etc.

Part 3   Criminal and civil penalties

Payment Systems (Regulation) Act 1998

106   At the end of section 21

Add:

Revocation of directions

(7) The Reserve Bank or the nominated special regulator (as the case may be) may revoke the direction by notice in writing given to the participant if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.

Contravention of directions

(8) The participant contravenes this subsection if:

(a) the participant does, or fails to do, an act; and

(b) doing, or failing to do, the act results in a contravention of the direction given under subsection (1) or (1A); and

(c) if the direction was given under subsection (1) - the doing of the act, or the failure to do the act, occurs at a time when:

(i) the participant is still a participant in the payment system referred to in subsection (1); and

(ii) that payment system is still a designated payment system; and

(d) if the direction was given under subsection (1A) - the doing of the act, or the failure to do the act, occurs at a time when:

(i) the participant is still a participant in the payment system referred to in subsection (1A); and

(ii) that payment system is still a special designated payment system.

Fault-based offence

(9) The participant commits an offence if the participant contravenes subsection (8). The physical elements of the offence are set out in that subsection.

Penalty: 100 penalty units.

Civil penalty provision

(10) A person is liable to a civil penalty if the participant contravenes subsection (8).

Civil penalty: 100 penalty units.

Continuing contraventions of offence provision

(11) If a contravention of the direction occurs in circumstances that give rise to the participant committing an offence against subsection (9), the participant commits an offence against that subsection in respect of:

(a) the day on which the contravention occurs; and

(b) each subsequent day (if any) on which the contravention continues (including the day of conviction for any such offence or any later day).

Note 1: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

Note 2: Subsection (10) is a continuing civil penalty provision under section 93 of the Regulatory Powers Act.