Division 3—Access to designated systems

Subdivision A—Access regimes

12  Imposition of access regime

             (1)  The Reserve Bank may impose an access regime on the participants in a designated payment system.

             (2)  The access regime imposed must be one that the Reserve Bank considers appropriate, having regard to:

                     (a)  whether imposing 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.

             (3)  The Reserve Bank must not impose the access regime unless it has first consulted in accordance with section 28.

             (4)  The decision to impose the access regime is to be in writing and is to set out the access regime.

             (5)  As soon as practicable after imposing the access regime, the Reserve Bank must provide notification under section 29.

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

13  When access regimes are in force

                   An access regime:

                     (a)  comes into force:

                              (i)  unless subparagraph (ii) applies—on the day on which the decision to impose the access regime is made; or

                             (ii)  if that decision specifies a later day as the day on which the access regime comes into force—on the day so specified; and

                     (b)  may be varied as provided in section 14; and

                     (c)  remains in force until it ceases to be in force as provided in section 15.

14  Variation of access regime

             (1)  The Reserve Bank may 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.

             (2)  The Reserve Bank must not vary the access regime unless it has first consulted in accordance with section 28.

             (3)  The Reserve Bank may vary the access regime without complying with subsection (2) if it considers that the variation is of a minor technical nature.

             (4)  A decision to vary the access regime is to be in writing and is to set out the variation.

             (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:

                     (a)  unless paragraph (b) applies—on the day on which the decision to vary the access regime is made; or

                     (b)  if that decision specifies a later day as the day on which the variation comes into force—on the day so specified.

15  When access regimes cease to be in force

             (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 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.

             (4)  A decision to revoke the access regime is to be in writing.

             (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)  A revocation of the access regime takes effect:

                     (a)  unless paragraph (b) applies—on the day on which the decision to revoke the access regime is made; or

                     (b)  if that decision specifies a later day as the day on which the revocation takes effect—on the day so specified.

15A  Authorisation of conduct under access regime for the purposes of the Competition and Consumer Act 2010

                   For the purposes of subparagraph 51(1)(a)(i) of the Competition and Consumer Act 2010, anything that is done:

                     (a)  by a participant in a designated payment system under an access regime; and

                     (b)  in accordance with that access regime;

is taken to be specified in, and specifically authorised by, this Act.