PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 18 Reserve Bank may make standards for designated systems

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 18

  (1)   The Reserve Bank may, by legislative instrument , 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 1 :   A failure to comply with a standard is not an offence, but it may lead to a direction being given under section   21.

Note 2:   For variation and revocation, see subsection   33(3) of the Acts Interpretation Act 1901 .

  (2)   A standard:

  (a)   comes into force on the day specified in the determination, which must not be earlier than the day after the determination is registered on the Federal Register of Legislation under the Legislation Act 2003 ; and

  (b)   continues in force until it is revoked.

  (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.