15When access regimes cease to be in force

#### 15 When access regimes cease to be in force (1) An access regime that the Reserve Bank or a nominated special regulator has imposed ceases to be in force if: (a) the access regime contains an expiry date and that date is reached; or (b) the entity that imposed the access regime, on the application of the participants in the payment system concerned, revokes the access regime; or (c) the entity that imposed the access regime revokes the access regime on its own initiative; or (d) the payment system concerned ceases to exist; or (e) either: (i) in the case of an access regime imposed by the Reserve Bank under subsection 12(1)—the payment system concerned ceases to be a designated payment system; or (ii) in the case of an access regime imposed by a nominated special regulator under subsection 12(1A)—the payment system concerned ceases to be a special designated payment system. > Note: Even if an access regime does not cease to be in force under this subsection, the operation of section 15AA may result in the whole or a part of the access regime not applying. (2) An application for the revocation of the regime must comply with the applicable requirements determined under section 27. (3) The entity that imposed the access regime (whether the Reserve Bank or a nominated special regulator) may, by legislative instrument, revoke the access regime (pursuant to an application or on its own initiative) if the entity considers it appropriate to do so, having regard to: (a) in the case of an access regime imposed by the Reserve Bank under subsection 12(1)—whether revoking 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 entity considers relevant. (5) If the entity that imposed the access regime revokes the access regime it must, as soon as practicable, provide notification under section 29. (6) A failure to comply with subsection (5) does not invalidate the revocation of the access regime. (7) The revocation of the access regime takes effect on the day specified in the instrument, which must not be earlier than the day after the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003.