Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Reserve Bank may, in writing, determine standards to be complied with by participants in a designated payment system if it considers that determining the standards is in the public interest.
Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 21.
(2) A standard:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or
(ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(3) The Reserve Bank may, in writing, vary or revoke a standard.
(4) The Reserve Bank must not determine or vary a standard unless it has first consulted in accordance with section 28.
(5) The Reserve Bank may determine or vary a standard without complying with subsection (4) if:
(a) the Reserve Bank considers that there is an urgent need for the determination or variation of the standard; or
(b) in the case of a variation—the Reserve Bank considers that the variation is of a minor technical nature.
(6) If the Reserve Bank determines a standard, or varies or revokes a standard, it must, as soon as practicable, provide notification under section 29.
(7) A failure to comply with subsection (6) does not affect the validity of a standard or of the variation or revocation of a standard.
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