Plain language law

New Zealand law explained for everyone

Retail Payment System Act 2022

Designated networks - Network standards for designated networks

17: Commission may issue network standards for designated networks

You could also call this:

"The Commission can create rules for certain networks and their users."

Illustration for Retail Payment System Act 2022

The Commission can make rules called network standards. You need to know these rules can apply to people or companies using certain networks. They can also apply to the networks themselves. The Commission can make these rules for all users, some users, or a specific group of users. They can also make rules for all networks, some networks, or a specific group of networks. The rules can apply in all situations or just in certain situations, like when using payment products. When the Commission makes a network standard, it is a type of law called secondary legislation, see Part 3 of the Legislation Act 2019 for more information about how these laws are published.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528148.

This page was last updated on — View changes

Topics:
Business > Industry rulesMoney and consumer rights > Consumer protection
Previous

16: Amendment and revocation of designation, or

"Changing or cancelling a retail payment system designation"

Next

18: Criteria for issuing network standards, or

"What the Commission checks before making new rules for payment systems"

Part 2Designated networks
Network standards for designated networks

17Commission may issue network standards for designated networks

  1. The Commission may issue network standards.

  2. A network standard may do either or both of the following:

  3. impose requirements on participants in designated networks:
    1. set out requirements applying to designated networks with which the participants must ensure compliance.

      1. A network standard may—

      2. apply to all participants in designated networks, a particular participant, or a class of participants:
        1. apply to all designated networks, a particular designated network, or a class of designated networks:
          1. apply in all circumstances, particular circumstances, or a class of circumstances (for example, in relation to payment products or payment methods).

            1. A network standard issued under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

            Compare
            Notes