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

61   After subsection 18(1)

Insert:

(1A) A nominated special regulator in relation to a special designated payment system may, by legislative instrument, determine standards to be complied with by participants in that special designated payment system.

Note 1: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 21.

Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

(1B) Without limiting subsection (1) or (1A), the Reserve Bank or the nominated special regulator (as the case may be) may, in an instrument made under either of those subsections:

(a) specify participants or classes of participants to whom the standard does or does not apply; or

(b) provide that the standard applies differently in relation to different participants or classes of participants.

Note: See also subsection 33(3A) of the Acts Interpretation Act 1901.