Plain language law

New Zealand law explained for everyone

Retail Payment System Act 2022

Designated networks - Designations

13: Process for Commission’s recommendation

You could also call this:

"How the Commission Makes a Recommendation"

Illustration for Retail Payment System Act 2022

You need to know what the Commission does before making a recommendation. The Commission must talk to the Reserve Bank of New Zealand if the network is part of a system that is a designated Financial Market Infrastructure, which is explained in the Financial Market Infrastructures Act 2021. The Commission also talks to the people who run the network about why they want to make a recommendation. You can see the Commission's recommendation once it is made. The Commission makes the recommendation public as soon as they can. They also explain why they made the recommendation.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS532143.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

12: Commission’s recommendation, or

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

Next

14: Content of designation, or

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

Part 2Designated networks
Designations

13Process for Commission’s recommendation

  1. Before making a recommendation under section 12, the Commission must—

  2. consult the Reserve Bank of New Zealand if the network comprises any part of a system that is a designated FMI within the meaning of the Financial Market Infrastructures Act 2021; and
    1. consult affected operators of the network about the proposed designation (including the Commission’s reasons for proposing to make a recommendation).

      1. The Commission must make the recommendation publicly available as soon as practicable after making it, including a statement of its reasons for making the recommendation.