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Payment Systems (Regulation) Amendment Bill 2005

Schedule 1 Amendments

   

Payment Systems (Regulation) Act 1998

1  At the end of Division 4 of Part 3

Add:

18A   Authorisation of conduct under certain standards for the purposes of the Trade Practices Act 1974

             (1)  For the purposes of subparagraph 51(1)(a)(i) of the Trade Practices Act 1974 , anything that is done:

                     (a)  by a participant in relation to the setting, or charging, of wholesale fees (also known as interchange fees) payable under a payment system to which an interchange fees standard applies; and

                     (b)  in accordance with that standard;

is taken to be specified in, and specifically authorised by, this Act.

             (2)  In this section:

interchange fees standard means any of the following standards as amended and in force from time to time:

                     (a)  a standard that is known as Standard No. 1, The Setting of Wholesale (“Interchange”) Fees and that was determined by the Reserve Bank on 26 August 2002;

                     (b)  a standard specified by the regulations for the purposes of this paragraph.

2  Application of amendment made by item 1

The amendment made by item 1 applies to things done on or after the commencement of the amendment.