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Retail Payment System Act 2022

Designated networks - Designations

12: Commission’s recommendation

You could also call this:

"The Commission's advice to the Minister on designating a retail payment network"

Illustration for Retail Payment System Act 2022

The Commission can suggest to the Minister that a retail payment network be designated. When deciding whether to make this suggestion, the Commission must consider things like how the network works and if it helps or hurts competition. The Commission also looks at the network's transactions and other relevant New Zealand laws, such as the Financial Market Infrastructures Act 2021.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS532142.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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11: Minister’s recommendation, or

"The Minister helps decide which payment networks to approve"

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13: Process for Commission’s recommendation, or

"How the Commission Makes a Recommendation"

Part 2Designated networks
Designations

12Commission’s recommendation

  1. The Commission may recommend to the Minister that a retail payment network be designated.

  2. In deciding whether to make a recommendation, the Commission must take into account the following:

  3. any features of the retail payment network, or any conduct of participants in the network, that reduce, or are likely to reduce, competition or efficiency:
    1. the nature of the network, including the number, value, and nature of the transactions that the network currently processes or is likely to process in the future:
      1. the Financial Market Infrastructures Act 2021 and any other regulatory requirements in other New Zealand laws that the Commission considers relevant.