11BMinister may designate payment systems

#### 11B Minister may designate payment systems (1) The Minister may, by legislative instrument, designate a payment system as a special designated payment system if the Minister considers that designating the payment system is in the national interest. (2) To avoid doubt, the Minister may designate a payment system under subsection (1) whether or not the payment system has been designated by the Reserve Bank under subsection 11(1). Conditions on designation (3) Before designating a payment system under subsection (1), the Minister must: (a) consult the Reserve Bank and each special regulator on the proposed designation; and (b) consider the following: (i) whether there are alternatives to the designation available under this Act or any other Act; (ii) the outcome of the consultation undertaken by the Minister under paragraph (a); (iii) any other matter the Minister considers relevant. Revocation (4) The Minister may revoke the designation if, at the time of the revocation, the Minister considers that the designation is no longer necessary or appropriate.