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

64   After section 18

Insert:

18AA Conflicts between standards

(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 18(1), determined a standard (the normal standard ) to be complied with by participants in the payment system; and

(c) a nominated special regulator has, under subsection 18(1A), determined a standard (the special standard )to be complied with by participants in the payment system; and

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

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