11EFunctions and powers of nominated special regulators

#### 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.