11DNomination of special regulators

#### 11D Nomination of special regulators (1) The Minister may, by legislative instrument, nominate one or more special regulators in relation to a special designated payment system if the Minister considers that doing so is in the national interest. (2) If a special regulator is nominated in relation to a special designated payment system under subsection (1), then the special regulator is a nominated special regulator in relation to that special designated payment system. (3) The special regulator is a nominated special regulator either: (a) for the period specified in the nomination; or (b) if no period is specified—until the nomination is revoked. Conditions on nomination (4) Before nominating a special regulator under subsection (1), the Minister must: (a) consult the special regulator; and (b) if the Minister is not the responsible Minister for the special regulator—obtain written consent to the nomination from the responsible Minister; and (c) be satisfied that the nomination is consistent with any functions of the special regulator under this Act or any other Act (and with any requirements that apply to the performance of those functions); and (d) consider the following: (i) the outcome of the consultation undertaken by the Minister under paragraph (a); (ii) any other matter the Minister considers relevant. Revocation (5) The Minister may revoke a nomination made under subsection (1) if, at the time of the revocation, the Minister considers that the nomination is no longer necessary or appropriate.