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

56   Section 16

Repeal the section, substitute:

16 Right to ask for directions

(1) This section applies if a person who has been denied access to a payment system that is a designated payment system or a special designated payment system (or both) considers that the denial of access constitutes, or is attributable (wholly or partly) to, a breach of a provision of an access regime by a participant.

(2) The person may ask the entity that imposed the access regime (whether the Reserve Bank or a nominated special regulator) to use its power under section 21 to give a direction to remedy the situation.