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Retail Payment System Act 2022

Designated networks - Designations

14: Content of designation

You could also call this:

"What's in the designation of a payment network"

Illustration for Retail Payment System Act 2022

When a network is designated, the order must say what the network is and who operates it. You need to know the network and at least one operator. The order may also say what payment products are in the network. The order may talk about documents that have the network rules. It may also say what classes of participants are in the network. You can find more information by looking at the related legislation https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS155999

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS529469.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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"How the Commission Makes a Recommendation"

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15: Duration of designation, or

"How long a designation order lasts"

Part 2Designated networks
Designations

14Content of designation

  1. A designation order must specify both of the following:

  2. the network:
    1. at least 1 person that is an operator of the network.

      1. A designation order may specify 1 or more of the following:

      2. the payment products in the designated network:
        1. documents that set out some or all of the network rules (whether the documents are referred to by name or description):
          1. classes of participants.

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