CTHIn ForceAct
Payment Systems and Netting Act 1998
8Application for approval of payment system
Start here
Get a plain-English read of 8
Turn the raw legal text into a practical explanation grounded in Payment Systems and Netting Act 1998.
8 Application for approval of payment system
(1) A person may apply to the Reserve Bank for approval of a payment or settlement system. (2) The application must: (a) be in the form approved in an instrument under subsection (3); and (b) be accompanied by the documents: (i) specified in the regulations; or (ii) required by the Reserve Bank. (3) The Reserve Bank may, by notifiable instrument, approve a form for the purposes of paragraph (2)(a).