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Retail Payment System Act 2022

Designated networks - Network standards for designated networks

23: Amendment and revocation of network standards

You could also call this:

"Changing or cancelling payment system rules"

Illustration for Retail Payment System Act 2022

You can change or cancel a network standard under sections 17 to 20, but there are some exceptions. If the Commission thinks a change is only fixing a small mistake or is very minor, then sections 18 and 19 do not apply. The Commission can also cancel a network standard without following section 18.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS531431.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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22: Duration of network standard, or

"How long a network standard lasts"

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24: Commission may give directions about network rules, or

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

Part 2Designated networks
Network standards for designated networks

23Amendment and revocation of network standards

  1. A network standard may be amended or revoked under sections 17 to 20, except that—

  2. sections 18 and 19 do not apply to an amendment of a network standard if the Commission is satisfied that the amendment is only correcting a minor error or is otherwise of a minor nature only:
    1. section 18 does not apply to the revocation of a network standard.