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

70   After subsection 20(1)

Insert:

(1A) A nominated special regulator in relation to a special designated payment system may arrange for a dispute to which this Division applies to be settled by arbitration in accordance with this section if:

(a) the dispute is of a kind mentioned in paragraph 19(b); and

(b) the dispute relates to whether an access regime imposed by the nominated special regulator under subsection 12(1A) is being complied with; and

(c) the parties to the dispute agree to the nominated special regulator arranging the arbitration.

Note: The nominated special regulator may be acting on its own initiative or in response to a request from one or more of the parties to the dispute in arranging for the arbitration.