11FMinisterial directions to nominated special regulators

#### 11F Ministerial directions to nominated special regulators (1) Subject to this section, the Minister may, by legislative instrument, give directions of the following kinds to a nominated special regulator in relation to the performance of its functions, or the exercise of its powers, under this Act in relation to a special designated payment system: (a) a direction (a matters direction) specifying matters that must be considered before performing or exercising such a function or power; (b) a direction (a purposes direction) specifying purposes for which such a function or power must, or must not, be performed or exercised. > Note: Nominated special regulators must comply with directions given under this subsection: see subsections 11E(2) and (4). (2) However, the Minister must not give a nominated special regulator a purposes direction in relation to a function or power unless, before or at the same time as giving the purposes direction, the Minister gives the nominated special regulator a matters direction in relation to that function or power. (3) To avoid doubt, a direction given under subsection (1) may relate to all functions and powers of the kind mentioned in that subsection, or only to one or more specified functions or powers of that kind. Conditions on giving directions (4) The Minister must not give a direction under subsection (1) unless the Minister considers that doing so is in the national interest. (5) Before giving a direction to a nominated special regulator under subsection (1), the Minister must: (a) consult the nominated special regulator; and (b) if the nominated special regulator is not the Reserve Bank—consult the Reserve Bank; and (c) if the Minister is not the responsible Minister for the nominated special regulator—obtain written consent to the direction from the responsible Minister; and (d) be satisfied that giving the direction is consistent with any functions of the nominated special regulator under this Act or any other Act (and with any requirements that apply to the performance of those functions); and (e) consider the following: (i) the outcome of the consultation undertaken by the Minister under paragraph (a) and (if applicable) paragraph (b); (ii) any other matter the Minister considers relevant. Restrictions on content of directions (6) The Minister must not give a direction under subsection (1) in relation to functions and powers under any of 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. (7) A direction given under subsection (1) may specify matters or purposes that relate to a particular special designated payment system, but must not specify matters or purposes that relate to a particular participant in a special designated payment system. (8) To avoid doubt, a direction given under subsection (1) must not require a nominated special regulator to do any of the following: (a) impose, vary or repeal a particular provision of an access regime; (b) determine, vary or revoke a particular standard; (c) give, vary or revoke a particular direction. When direction is in force (9) A direction given under subsection (1): (a) comes into force: (i) unless subparagraph (ii) of this paragraph applies—on the day on which it is given; or (ii) if the direction specifies a later day as the day on which it comes into force—on the day so specified; and (b) continues in force until it is revoked. Revocation (10) The Minister may revoke a direction given under subsection (1) if, at the time of the revocation, the Minister considers that the direction is no longer necessary or appropriate.