Plain language law

New Zealand law explained for everyone

Retail Payment System Act 2022

Designated networks - Network standards for designated networks

22: Duration of network standard

You could also call this:

"How long a network standard lasts"

Illustration for Retail Payment System Act 2022

A network standard stays in force until it expires, is revoked, or replaced. You need to know when it will expire, which is called the expiry date. The expiry date must be no more than 10 years after the standard starts.

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 It might be out of date or be missing some parts.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=LMS543247.

This page was last updated on — View changes

Topics:
Business > Industry rules
Previous

21: Pecuniary penalty for contravention of network standard, or

"Paying a penalty for breaking network rules"

Next

23: Amendment and revocation of network standards, or

"Changing or cancelling payment system rules"

Part 2Designated networks
Network standards for designated networks

22Duration of network standard

  1. A network standard continues in force until the date on which it expires (the expiry date) or is revoked or replaced, whichever occurs first.

  2. A standard must state its expiry date, which must be no later than 10 years after the date on which the standard commences.