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Retail Payment System Act 2022

Designated networks - Designations

11: Minister’s recommendation

You could also call this:

"The Minister helps decide which payment networks to approve"

Illustration for Retail Payment System Act 2022

The Minister can ask the Governor-General to designate a retail payment network, but only after the Commission recommends it. You need to know the Minister gets to decide whether to make this recommendation. The Minister can accept or reject the Commission's recommendation, or ask them to reconsider something. The Minister can also make any other decision they think is in the public interest. This means the Minister has some flexibility when deciding what to do. They can choose the option that best serves the public. The Minister's decision is important because it affects the designation of retail payment networks. You should understand that the Minister's role is to make a recommendation to the Governor-General. The Governor-General then makes the final decision about designating a retail payment network.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528143.

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Topics:
Money and consumer rights > Banking and loansGovernment and voting > Government departments
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10: Designation of networks by Order in Council, or

"The Governor-General can create a rule to make a payment network official."

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12: Commission’s recommendation, or

"The Commission's advice to the Minister on designating a retail payment network"

Part 2Designated networks
Designations

11Minister’s recommendation

  1. The Minister may recommend to the Governor-General that a retail payment network be designated only after receiving a recommendation from the Commission.

  2. In deciding whether to make a recommendation that a designation order be made, the Minister may do any of the following:

  3. accept or reject the Commission’s recommendation:
    1. request that the Commission reconsider any matter (such as an error, an oversight, or competing policy interests):
      1. make any other decision that the Minister considers is in the public interest.