PART 8Access to payment systems and bank accounts

Prohibition on restrictive rules on access to payment systems103

1

Rules or conditions governing access to, or participation in, a payment system by authorised or registered payment service providers must—

a

be objective, proportionate and non-discriminatory; and

b

not prevent, restrict or inhibit access or participation more than is necessary to—

i

safeguard against specific risks such as settlement risk, operational risk or business risk; or

ii

protect the financial and operational stability of the payment system.

2

Paragraph (1) applies only to such payment service providers as are legal persons.

3

Rules or conditions governing access to, or participation in, a payment system must not, in respect of payment service providers, payment service users or other payment systems—

a

restrict effective participation in other payment systems;

b

discriminate (whether directly or indirectly) between

i

different authorised payment service providers; or

ii

different registered payment service providers;

in relation to the rights, obligations or entitlements of participants in the payment system; or

c

impose any restrictions on the basis of institutional status.