18Making of standards

#### 18 Making of standards (1) The Reserve Bank may, by legislative instrument, determine standards to be complied with by participants in a designated payment system if it considers that determining the standards is in the public interest. > Note 1: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 21. > Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. (1A) A nominated special regulator in relation to a special designated payment system may, by legislative instrument, determine standards to be complied with by participants in that special designated payment system. > Note 1: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 21. > Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. (1B) 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 standard does or does not apply; or (b) provide that the standard applies differently in relation to different participants or classes of participants. > Note: See also subsection 33(3A) of the Acts Interpretation Act 1901. (2) A standard: (a) comes into force on the day specified in the determination, which must not be earlier than the day after the determination is registered on the Federal Register of Legislation under the Legislation Act 2003; and (b) continues in force until it is revoked. > Note: Even if a standard does not cease to be in force under this subsection, the operation of section 18AA may result in the whole or a part of the standard not applying. (6) If the Reserve Bank or a nominated special regulator determines a standard, or varies or revokes a standard, it must, as soon as practicable, provide notification under section 29. (7) A failure to comply with subsection (6) does not affect the validity of a standard or of the variation or revocation of a standard.