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Determine and Set a Standard or Standards for a previously 'Designated' Payments System PAYMENT SYSTEMS (REGULATION) ACT 1998 - Division 4 - Standards for designated systems - SECT 18Reserve Bank may make standards for designated systems (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. See: ATTACHMENT 1: EXTRACTS FROM PAYMENT SYSTEMS (REGULATION) ACT 1998 Determine 'Standards' pursuant to Division 4, Section 18 of the Payments System Regulation Act 1998 Determine Standards to 'inter alia' re-cap Credit Card interest rates for 'public interest issues'
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