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Retail Payment System Act 2022

Designated networks - Network standards for designated networks

19: Process for issuing network standards

You could also call this:

"How new rules for payment systems are created and shared"

Illustration for Retail Payment System Act 2022

You need to know what happens when a network standard is issued. The Commission must make the proposed standard public and consult with affected people. They must explain why they want to issue the standard. The Commission talks to people who will be affected by the standard. They also talk to people who represent those who will be affected. This is so they can discuss the proposed standard. After the standard is issued, the Commission makes it public. They also make their reasons for issuing it public, so you can see why they made that decision.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528150.

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

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20: Subject matter of network standards, or

"Rules for Payment Systems"

Part 2Designated networks
Network standards for designated networks

19Process for issuing network standards

  1. Before issuing a network standard (the proposed standard), the Commission must—

  2. make the proposed standard publicly available; and
    1. consult affected persons, or persons that the Commission considers to be representatives of affected persons, about the proposed standard (including the Commission’s reasons for issuing the proposed standard).

      1. After issuing a network standard, the Commission must make the standard, and the Commission’s reasons for issuing the standard, publicly available.

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