(1) Part II of the Central Bank Act 1997 (No. 8 of 1997) applies in relation to a payment system in accordance with this Regulation.
(2) For the purposes of that application, a reference in a provision of Part II of the Central Bank Act 1997 to a payment system shall be read as a reference to a payment system within the meaning given by Regulation 38.
(3) In deciding whether to approve the rules of a payment system, the Bank shall ensure that the rules on access by payment service providers are objective, non-discriminatory and proportionate and do not inhibit access more than is necessary to protect against specific risks such as settlement risk, operational risk and business risk and to protect the financial and operational stability of the payment system.
(4) A payment system shall not impose on a payment service provider, a payment service user or another payment system -
(a) any rule restricting effective participation in another payment system,
(b) any rule that discriminate