31ADelegation—nominated special regulators

#### 31A Delegation—nominated special regulators (1) A nominated special regulator (other than the Reserve Bank) in relation to a special designated payment system may, by written instrument, delegate all or any of its functions or powers under this Act to: (a) the head of the nominated special regulator; or (b) a person prescribed by the regulations as an eligible delegate in relation to the nominated special regulator. (2) Subject to subsection (3), the head of a nominated special regulator (other than the Governor of the Reserve Bank) in relation to a special designated payment system may, in writing, delegate all or any of the head’s functions or powers under this Act to a person prescribed by the regulations as an eligible delegate in relation to the nominated special regulator. (3) A power or function under subsection 20(2) (which relates to the conduct of arbitrations) must not be delegated under subsection (2) of this section. (4) Before delegating a function or power to a person under subsection (1) or (2), the delegator must have regard to: (a) if the power or function is to be delegated to a person holding, occupying, or performing the duties of, a specified office or position—whether the office or position is sufficiently senior for the person to perform the function or exercise the power; or (b) otherwise—whether the person has appropriate qualifications or expertise to perform the function or exercise the power. (5) In exercising powers under a delegation under subsection (1) or (2), the delegate must comply with any directions of the delegator. > Note: For further information about delegations, see sections 34AA to 34A of the Acts Interpretation Act 1901. (6) This section does not limit a power of delegation that a delegator mentioned in subsection (1) or (2) has under any other Act.