PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 12 Imposition of access regime

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 12

  (1)   The Reserve Bank may , by legislative instrument, impose an access regime on the participants in a designated payment system.

  (2)   The access regime imposed must be one that the Reserve Bank considers appropriate, having regard to:

  (a)   whether imposing the access regime would be in the public interest; and

  (b)   the interests of the current participants in the system; and

  (c)   the interests of people who, in the future, may want access to the system; and

  (d)   any other matters the Reserve Bank considers relevant.

  (5)   As soon as practicable after imposing the access regime, the Reserve Bank must provide notification under section   29.

  (6)   A failure to comply with subsection   ( 5) does not affect the validity of the access regime.