12Imposition of access regime

#### 12 Imposition of access regime (1) The Reserve Bank may, by legislative instrument, impose an access regime on participants in a designated payment system. (1A) A nominated special regulator in relation to a special designated payment system may, by legislative instrument, impose an access regime on participants in that special designated payment system. (2) The access regime imposed must be one that the Reserve Bank or the nominated special regulator (as the case may be) considers appropriate, having regard to: (a) in the case of an access regime imposed by the Reserve Bank under subsection (1)—whether imposing the access regime would be in the public interest; and (b) the interests of the current participants in the system; and (c) the interests of people who, in the future, may want access to the system; and (d) any other matters the Reserve Bank or the nominated special regulator (as the case may be) considers relevant. (3) Without limiting subsection (1) or (1A), the Reserve Bank or the nominated special regulator (as the case may be) may, in an instrument made under either of those subsections: (a) specify participants or classes of participants to whom the access regime does or does not apply; or (b) provide that the access regime applies differently in relation to different participants or classes of participants. > Note: See also subsection 33(3A) of the Acts Interpretation Act 1901. (5) As soon as practicable after imposing the access regime, the Reserve Bank or the nominated special regulator must provide notification under section 29. (6) A failure to comply with subsection (5) does not affect the validity of the access regime.