[no bill text published] Information-gathering powers for special regulators of designated payment systems
Treasury Laws Amendment (Payments System Modernisation) Bill 2025
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Minister can designate payment systems as special designated payment systems; they can also nominate entities to act as special regulators.
Special regulators can force participants in these payment systems to provide information.
Participants face civil penalties if they refuse or fail to provide that information.
Special regulators can create and impose access regimes for these payment systems.
The Minister can give directions to special regulators on how to use their powers.
The Reserve Bank can now designate entire classes of payment systems; it must consult before designating a system that is already a special designated payment system.