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Retail Payment System Act 2022

Designated networks - Rules of designated networks

24: Commission may give directions about network rules

You could also call this:

"The Commission can tell network participants what to do and how to follow the rules."

Illustration for Retail Payment System Act 2022

The Commission can give directions to participants of a designated network. You will receive a direction notice that tells you what to do. The Commission can ask you to set or amend network rules. The Commission can also ask you to notify them of any changes to network rules. You might need to get the Commission's approval before making certain changes to network rules. The Commission can ask you to follow network rules. The direction notice must explain why it is being given. If the direction is given to a group of participants, it is considered secondary legislation (see https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7298343 for publication requirements).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528155.

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Topics:
Business > Industry rules
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23: Amendment and revocation of network standards, or

"Changing or cancelling payment system rules"

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25: Criteria for giving directions, or

"What the Commission considers when giving directions about payment network rules"

Part 2Designated networks
Rules of designated networks

24Commission may give directions about network rules

  1. The Commission may, by notice (a direction notice), direct 1 or more participants of a designated network to take specified action in accordance with the direction.

  2. A direction may require 1 or more operators to do 1 or more of the following in accordance with the direction:

  3. set network rules:
    1. amend network rules:
      1. notify the Commission of any amendments made to network rules:
        1. apply for, and obtain, the Commission’s approval before making amendments to network rules that are of a type identified in the direction as substantive amendments.

          1. A direction may require 1 or more participants to comply with 1 or more network rules.

          2. A direction must state the reasons for which it is given.

          3. A direction given to a class of participants is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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          Notes