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Retail Payment System Act 2022

Designated networks - Network standards for designated networks

21: Pecuniary penalty for contravention of network standard

You could also call this:

"Paying a penalty for breaking network rules"

Illustration for Retail Payment System Act 2022

If you break a network standard rule, you may have to pay a penalty. You can be liable to a pecuniary penalty if you contravene a requirement of a network standard. To learn more about pecuniary penalties, you can check out subpart 3 of Part 3.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528152.

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Business > Industry rules
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20: Subject matter of network standards, or

"Rules for Payment Systems"

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22: Duration of network standard, or

"How long a network standard lasts"

Part 2Designated networks
Network standards for designated networks

21Pecuniary penalty for contravention of network standard

  1. A participant who contravenes a requirement of a network standard is liable to a pecuniary penalty.

  2. See subpart 3 of Part 3 for further provisions about pecuniary penalties.