Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 29

Notification of determination or variation of standard or imposition or variation of access regime

             (1)  Subsection (2) applies to the following actions taken by the Reserve Bank:

                     (a)  the imposition of an access regime;

                     (b)  the variation of an access regime;

                     (c)  the determination of a standard;

                     (d)  the variation of a standard.

             (2)  If this subsection applies to an action, the Reserve Bank must:

                     (a)  cause a notice to be published in the Gazette :

                              (i)  advising of the action; and

                             (ii)  summarising its purpose and effect; and

                     (b)  take reasonable steps to ensure that the participants in the payment system concerned are informed of the action; and

                     (c)  take reasonable steps to ensure that people will be able to get access to the current text of the standard or the access regime.

Notification of revocation of a standard or an access regime

             (3)  If the Reserve Bank revokes a standard or an access regime, the Reserve Bank must:

                     (a)  cause a notice advising of the revocation to be published in the Gazette ; and

                     (b)  take reasonable steps to ensure that any participants in the payment system concerned are informed of the revocation.