Section 7, The Payment Systems Act, 2009

(1) The Central Bank may, in writing, determine standardsto be complied with by the management body and participants in a designated system if it considers that it is in the public interest to determine the standards . (2) A standard takes effect on such date as may be specified and continues in force until it is revoked. (3) The Central Bank may, in writing, vary or revoke a standard. (4) Subject to subsection (5), the Central Bank shall not determine or vary a standard unless it has first consulted in accordance with section 36. (5) Subsection (4) shall not apply if– (a) the Central Bank considers that there is an urgent need for the determination or variation of the standard; or (b) in the case of a variation, the Central Bank considers that the variation is of a minor technical nature. (6) Where the Central Bank determines a standard or varies or revokes a standard, it shall, as soon as practicable, provide notification under section 37. Supervision of designated systems. Standards for designated systems. (7) A failure to comply with subsection (6) shall not affect the validity of a standard or of the variation or revocation of a standard.