10Overview of main regulatory provisions

#### 10 Overview of main regulatory provisions (1) Under this Part: (a) the Reserve Bank is given the power to designate payment systems, which are then known as designated payment systems (see Division 2); and (b) the Minister is also given the power to designate payment systems, which are then known as special designated payment systems (see Division 2A). > Note: A payment system may be a designated payment system and a special designated payment system: see subsections 11(1A) and 11B(2). (1A) Under Division 2A, the Minister is given the power to: (a) nominate special regulators in relation to special designated payment systems; and (b) give directions to nominated special regulators in relation to the performance of their functions or the exercise of their powers under this Act. (2) The Reserve Bank has the following powers in relation to a designated payment system, and a nominated special regulator has the following powers in relation to a special designated payment system: (a) to impose an access regime on participants in the payment system (see Division 3); and (b) to make standards to be complied with by participants in the payment system (see Division 4); and (c) to arbitrate disputes relating to the payment system (see Division 5); and (d) to give directions to participants in the payment system (see Division 6). > Note: Restrictions apply to when a nominated special regulator may perform its functions or exercise its powers: see section 11E.