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Payment Systems (Regulation) Bill 1998

 

 

 

 

Payment Systems (Regulation) Act 1998

 

No. 58, 1998

 

 

 

 

   

   

   



 

 

 

 

Payment Systems (Regulation) Act 1998

 

No. 58, 1998

 

 

 

 

An Act to provide for the regulation of payment systems and purchased payment facilities, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                               

1............ Short title............................................................................................

2............ Commencement..................................................................................

3............ Crown is bound by this Act...............................................................

4............ Application of this Act to external Territories..................................

5............ Application of Criminal Code ...........................................................

6............ Overview of Act.................................................................................

Part 2—Interpretation                                                                                                          

7............ Definitions..........................................................................................

8............ Meaning of public interest ..................................................................

9............ Meaning of purchased payment facility and holder of the stored value

Part 3—Regulation of payment systems                                                                   

Division 1—Overview                                                                                                  

10.......... Overview of main regulatory provisions............................................

Division 2—Designation of payment systems                                                 

11.......... Reserve Bank may designate payment systems................................

Division 3—Access to designated systems                                                      

Subdivision A—Access regimes                                                                              

12.......... Imposition of access regime...............................................................

13.......... When access regimes are in force........................................................

14.......... Variation of access regime................................................................

15.......... When access regimes cease to be in force.........................................

Subdivision B—Enforcement of access regimes                                                 

16.......... Right to ask Reserve Bank to give a direction..................................

17.......... Right to apply to the Federal Court.................................................

Division 4—Standards for designated systems                                            

18.......... Reserve Bank may make standards for designated systems............

Division 5—Arbitration of disputes relating to designated systems

19.......... Disputes to which Division applies.................................................

20.......... Arbitration of disputes.....................................................................

Division 6—Directions to participants in designated systems             

21.......... Directions.........................................................................................

Part 4—Regulation of purchased payment facilities                                        

22.......... Holder of stored value must be an ADI or be authorised or exempted under this Part                     

23.......... Authority to be the holder of the stored value.................................

24.......... Directions on failure to comply with conditions.............................

25.......... Exemptions.......................................................................................

Part 5—Miscellaneous                                                                                                      

26.......... Persons to give Reserve Bank information.......................................

27.......... Power to determine requirements for applications..........................

28.......... Consultation obligations...................................................................

29.......... Notification obligations....................................................................

30.......... Power to publish by other means....................................................

31.......... Delegation.........................................................................................

32.......... Regulations.......................................................................................

 



Payment Systems (Regulation) Act 1998

No. 58, 1998

 

 

 

An Act to provide for the regulation of payment systems and purchased payment facilities, and for related purposes

[ Assented to 29 June 1998 ]

The Parliament of Australia enacts:



   

 

 

(29/98)

[ Minister's second reading speech made in

House of Representatives on 26 March 1998

Senate on 13 May 1998 ]