30AEnforceable undertakings

#### 30A Enforceable undertakings Acceptance of undertakings (1) The Reserve Bank may accept a written undertaking given by a participant in a payment system (whether or not it is a designated payment system or a special designated payment system) in connection with a matter in relation to which the Reserve Bank (including in its capacity as a nominated special regulator) has a function or power under this Act, the regulations or another legislative instrument made under this Act. (2) However, if: (a) the written undertaking is in connection with a matter in relation to which the Reserve Bank has a function or power under this Act, the regulations or another legislative instrument made under this Act; and (b) that function or power is one that the Reserve Bank has other than in its capacity as a nominated special regulator; then the Reserve Bank may accept the undertaking only if doing so would be consistent with the Reserve Bank’s payments system policy (within the meaning of the Reserve Bank Act 1959). (3) A nominated special regulator (other than the Reserve Bank) in relation to a special designated payment system may accept a written undertaking given by a participant in that special designated payment system in connection with a matter in relation to which the nominated special regulator has a function or power under this Act, the regulations or another legislative instrument made under this Act. Withdrawal or variation (4) The participant may withdraw or vary the undertaking at any time, but only with the consent of the Reserve Bank or the nominated special regulator (as the case may be). Breach of undertakings (5) If the Reserve Bank or the nominated special regulator (as the case may be) considers that the participant who gave the undertaking has breached any of the terms of the undertaking, the Reserve Bank or the nominated special regulator may apply to the Court for an order under subsection (6). (6) If the Court is satisfied that the participant has breached a term of the undertaking, the Court may make all or any of the following orders: (a) an order directing the participant to comply with that term of the undertaking; (b) an order directing the participant to pay to the Commonwealth an amount up to the amount of any financial benefit that the participant has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the participant to compensate any other person who has suffered loss or damage as a result of the breach; (d) any other order that the Court considers appropriate. Authorisation for the purposes of the Competition and Consumer Act 2010 (7) For the purposes of subparagraph 51(1)(a)(i) of the Competition and Consumer Act 2010, the following are taken to be specified in, and specifically authorised by, this Act: (a) anything done by the Reserve Bank or a nominated special regulator under this section; (b) the giving, by a participant in a payment system, of a written undertaking to the Reserve Bank or a nominated special regulator under subsection (1) or (3) of this section; (c) anything done by the participant in accordance with the terms of that written undertaking. Definitions (8) In this section: > Court means: (a) the Federal Court; or (b) the Federal Circuit and Family Court of Australia (Division 2); or (c) a court of a State or Territory that has jurisdiction in relation to the matter.