PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 14 Variation of access regime

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 14

  (1)   The Reserve Bank may , by legislative instrument, vary an access regime if the Reserve Bank considers it is appropriate to do so, having regard to:

  (a)   whether the variation 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)   If the Reserve Bank varies the access regime it must, as soon as practicable, provide notification under section   29.

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

  (7)   A variation of the access regime takes effect on the day specified in the instrument, which must not be earlier than the day after the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003 .