PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 15 When access regimes cease to be in force

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 15

  (1)   An access regime ceases to be in force if:

  (a)   the access regime contains an expiry date and that date is reached; or

  (b)   the Reserve Bank, on the application of the participants in the designated payment system concerned, revokes the access regime; or

  (c)   the Reserve Bank revokes the access regime on its own initiative; or

  (d)   the payment system concerned ceases to exist or ceases to be a designated payment system.

  (2)   An application for the revocation of the regime must comply with the applicable requirements determined under section   27.

  (3)   The Reserve Bank may , by legislative instrument, revoke the access regime (pursuant to an application or on its own initiative) if the Reserve Bank considers it appropriate to do so, having regard to:

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

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

  (7)   The revocation 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 .