Some of our specific directions and requirements provide for extensions and exemptions. We recognise that there may be circumstances where regulated parties will need to ask us for more time to comply, or to have a requirement waived altogether. The factors we will consider in these circumstances are:
• any negative impact on payment systems users or our strategic goals
• the policy aims of the specific direction or requirement
• the burden that complying with the direction or requirement places on the party
• steps the party has taken to ensure that it will comply with the rules after any extension
• how the party has acted to mitigate any risks
• whether complying with our direction or requirement would cause the party to be non-compliant with other regulatory obligations
• whether the requirements should no longer apply to the regulated party
• whether the party will stop providing relevant services within a defined period of time
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