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Payment Systems (Regulation) Act 1998
11EFunctions and powers of nominated special regulators
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#### 11E Functions and powers of nominated special regulators
(1) Subject to this section, a nominated special regulator in relation to a special designated payment system may perform the functions, and exercise the powers, of a nominated special regulator under this Act in relation to that special designated payment system.
Restrictions relating to Ministerial directions
(2) A nominated special regulator must not perform a function, or exercise a power, of the kind mentioned in subsection (1) unless:
(a) the Minister has given the nominated special regulator a matters direction under subsection 11F(1), the effect of which is that specified matters must be considered by the nominated special regulator before performing the function or exercising the power; and
(b) the nominated special regulator has considered those matters.
(3) Subsection (2) does not apply to functions and powers under the following:
(a) section 26 (which deals with requests for information);
(b) section 30A (which deals with enforceable undertakings);
(c) section 31 or 31A (which deal with delegations);
(d) the Regulatory Powers Act as it applies in relation to this Act.
(4) In performing a function, or exercising a power, of a kind mentioned in subsection (1), a nominated special regulator must comply with any directions given to the nominated special regulator by the Minister under subsection 11F(1).
Consultation
(5) Before a nominated special regulator in relation to a special designated payment system performs a function, or exercises a power, under this Act in relation to the special designated payment system, the nominated special regulator must consult:
(a) the Reserve Bank (if the nominated special regulator is not the Reserve Bank); and
(b) if there are one or more other nominated special regulators in relation to the special designated payment system—each of those other nominated special regulators.